Cyprus Accelerates Natural Gas Strategy With ExxonMobil Partnership

by THEFUTURE.TEAM

January 25, 2026

Advancing Offshore Energy Capabilities

Cyprus is set to bolster its position as a key player in offshore energy with plans to intensify natural gas drilling in blocks 5 and 10. In a strategic meeting at the Presidential Palace, President Nikos Christodoulides discussed future drilling programs and an expanded collaboration with ExxonMobil, signaling a robust drive towards energy development and self-sufficiency.

Substantial Reserves And Refining Estimates

During the high-level meeting, President Christodoulides emphasized that gas reserves in the Glaucus and Pegasus deposits of block 10 may range between 6 and 9 trillion cubic feet. ExxonMobil Vice President John Ardill explained that further drilling on the Pegasus field will narrow these estimates. “We have sufficient quantities to move forward with development,” Ardill stated, highlighting the potential for significant returns.

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Deepening Strategic Partnerships

The fruitful partnership between the Cypriot government and ExxonMobil has already marked significant milestones. From the initial discovery of the Glaucus field in 2019 to confirming substantial reserves in the Pegasus field in 2025, both parties are now focused on comprehensive assessments to guide future development strategies.

Steps Toward Commercial Viability

At the forefront of the discussion was ExxonMobil’s plan to secure a Declaration of Marketability by the first half of the upcoming year, laying the groundwork for definitive engineering designs and a final investment decision. If current projections hold, commercial production could commence between 2030 and 2035, positioning Cyprus as a significant contributor to regional energy markets and aiding in the mitigation of energy costs.

With renewed drilling activities resuming in January 2025 after a prolonged pause, Cyprus and ExxonMobil are forging a pathway that could reshape the island’s energy landscape through diligent planning, technical excellence, and strategic global partnerships.

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Cyprus Summer Bookings Fall Over 30% As Hospitality Sector Seeks Support

by THEFUTURE.TEAM

May 1, 2026

Pre-Bookings Decline In Cyprus Tourism Sector

Cyprus tourism stakeholders reported lower pre-bookings for the summer season compared with last year. Industry representatives, including hotel associations and unions, raised the issue during a meeting with Marinos Mousiouttas, Minister of Labor, noting that cancellations have stabilised while forward bookings remain below previous levels.

External Pressures And Travel Patterns

Several factors are affecting travel demand. Higher fuel costs have contributed to increased airfare prices, influencing travellers’ choices and shifting some demand toward alternative transport such as cruises, trains, and private vehicles. At the same time, adjustments in airline schedules, including route reductions, are affecting connectivity and booking flows.

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Calls For Government Support

Against this backdrop, industry representatives requested an extension of wage subsidy schemes through April and May. They also pointed to the need for broader measures to support the sector, as early booking activity has slowed and booking patterns are shifting toward last-minute reservations. Current reservations are reported to be more than 30% lower than a year earlier, while average hotel occupancy is around 40%, compared with previous levels closer to 80%.

Coordinated Government Response And Future Prospects

Christos Angelidis, General Director of PASYXE, said Marinos Mousiouttas, Minister of Labor, acknowledged the situation and will consult with other ministers on possible coordinated measures. Angelidis added that extending wage subsidy schemes could support business continuity during the current period and help stabilise conditions in the sector.

At the same time, the government has introduced a strategic plan focused on how Cyprus is positioned internationally. The initiative, developed with Invest Cyprus, aims to align messaging across tourism and investment, with emphasis on consistency in external communication. Victor Papadopoulos, Director of the President’s Office, said the approach is intended to highlight key characteristics of the country in international markets.

Looking Ahead

Current booking data and occupancy levels indicate a slower start to the season, while demand patterns are shifting toward shorter booking windows. At the same time, discussions between industry representatives and government bodies point to potential measures aimed at supporting the sector as the season progresses.

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