Plans for further natural gas drilling in Cyprus’ gas-bearing blocks 5 and 10, as well as the prospect of expanding cooperation with US energy giant ExxonMobil, were discussed at the Presidential Palace on Friday.

President Nikos Christodoulides met with ExxonMobil vice president John Ardill, during which the president said gas reserves in the Glaucus and Pegasus deposits of block 10 could amount to between 6 and 9 trillion cubic feet.

The president commended the government’s cooperation with ExxonMobil, pointing to the company’s successful drillings in the Cypriot EEZ, which in September 2025 confirmed “sizeable quantities” of natural gas in blocks Pegasus and Glaucus.

Cyprus-based operations have been a success, Ardill said, confirming that the company has no plans to halt them.

According to Ardill, preparations to proceed with the natural gas extraction and its commercialisation of the quantities gathered in block 10 were underway.

The American multinational ExxonMobil resumed drilling on the island after a break of more than two and a half years in January 2025.

While its first gas extraction works in block 5 remained without success, the company confirmed natural gas findings of 8 to 9 trillion cubic feet in Cyprus EEZ’s Pegasus, Glaucus blocks in September 2025.

Following those discoveries, Christodoulides said the government intended to accelerate the extraction process, aiming to utilise Cyprus’ offshore energy resources as soon as possible in order to help reduce energy costs.