Cyprus is at an important time for its energy future. The country is looking at its large natural gas finds. It also needs to think about global energy prices and climate change. New gas discoveries in the sea near Cyprus are very important for its economy. These discoveries are in areas called Blocks 5, 6, and 10.
ExxonMobil met with the President of Cyprus. They talked about the big gas finds. ExxonMobil hopes to say by the end of April that the Glaucus and Pegasus gas fields are ready for business. They will drill more for Pegasus in 2027. ExxonMobil might also explore more in Block 5. They found signs of gas there early in 2025.
These gas finds are important for Europe. Europe wants to get energy from different places. Cyprus's natural gas can help with this. Another company, Eni, is working on the Cronos gas field. This field has a lot of gas. The gas could be sent to Europe as liquid natural gas (LNG).
However, it will take longer to use all the gas from fields like Glaucus. This might happen between 2030 and 2035. By 2030, there will be much more LNG available worldwide. This means Cyprus will have more competition to sell its gas.
Climate change is also a big problem. Cyprus's current plans are not enough to reduce pollution. Renewable energy is growing. However, people will still need natural gas for many years.
Therefore, Cyprus must be smart about selling its gas. It needs to understand the market. It also needs to balance energy needs with climate goals. Europe has high energy costs. This makes it hard to meet climate targets. Cyprus's future energy plans will be shaped by this situation.