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.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

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.

The Future Forbes Realty Global Properties

Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

by THEFUTURE.TEAM

February 13, 2026

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

Breaking news