An exploration drill conducted by ExxonMobil offshore Cyprus, in partnership with Qatar Energy, failed to find commercial quantities of natural gas. This outcome was announced by the island's energy ministry.
The exploratory drilling at the Elektra well, near the existing Glaucus deposit, had shown positive indications earlier. However, the final assessment confirmed that the discovered gas resources are not commercially viable at this time.
This result impacts ExxonMobil's potential for new natural gas developments in the Eastern Mediterranean, a region where the company has been actively exploring for new energy sources.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.