Cyprus is waiting for an official update on Monday after disappointing news from a major offshore drilling project. The drilling at the “Electra” target in block 5 of the island’s exclusive economic zone (EEZ) has not produced the expected results.

Energy Minister George Papanastasiou confirmed that the ExxonMobil and QatarEnergy consortium will provide an official statement by Monday, in response to a report suggesting that the drilling had not found marketable quantities of natural gas. The report, published by the Middle East Economic Survey (MEES), said that while gas was present, it was not in the amounts needed for commercial use.

This news comes as a major blow, as there had been high hopes for the Electra site, with estimates suggesting it could hold up to 30 trillion cubic feet (tcf) of natural gas, a discovery that could have been a game-changer for Cyprus.

The drilling, which began in January using the Valaris DS-9 rig, faced technical problems due to high pressure underground, which delayed results. The rig will now move to block 10 to drill the “Pegasus” target, though expectations for this site are now much more modest.

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Block 10 also holds the “Glafkos” deposit, with an estimated 3.2 tcf of gas. In the northern block 6, Italian company ENI and France’s TotalEnergies have found more gas deposits, including “Kronos”, “Zeus”, and “Calypso”. Development of “Kronos” is progressing, with plans to export gas to Egypt and the first production expected in 2027.

During a recent visit to the United States, President Nikos Christodoulides met with ExxonMobil and Chevron executives. They discussed speeding up the development of gas fields, especially the “Aphrodite” deposit, which holds 3.5 tcf. A pipeline to Egypt is planned for this project.

Despite this, the Electra result is a major disappointment. The site had been expected to help build a liquefied natural gas (LNG) plant in Cyprus, potentially lowering energy costs on the island.

Experts are now urging Cyprus to focus on practical energy solutions. While offshore drilling has attracted attention, the country’s electricity grid needs an upgrade to support solar energy projects. The high cost of energy, driven by a market cartel, continues to hurt ordinary Cypriots.