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ExxonMobil’s Uneventful Drilling: A New Course Or Cyprus’ Gas Exploration

by News Editor

April 13, 2025

Excitement turned to disappointment as ExxonMobil’s drilling venture at the Electra target concluded without uncovering the expected riches beneath Cyprus’ offshore Block 5. Reports from MEES, a notable energy-focused publication, confirmed the development, leaving many in the industry with bated breath.

What Went Wrong?

The drilling operation, which reached around 6,800 meters below the sea, struggled with technical issues and identified only minimal, non-commercial quantities of natural gas. Amidst hopes of discovering a field surpassing Egypt’s Zohr—holding approximately 30 trillion cubic feet—the results left much to be desired.

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The Next Steps For ExxonMobil

Despite the setback, ExxonMobil remains optimistic. Plans are underway for a new drilling endeavor at the Pegasus target within Block 10, further east of Electra. Bolstered by promising 3D survey data, the company hopes to uncover commercially viable resources, thus reinvigorating Cyprus’ quest for energy independence.

As communication from Cyprus’ governmental bodies remains scant, official statements are anticipated soon to shed light on future energy strategies.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.