This potential collaboration could gain momentum following the drilling of an exploratory well named Pegasus, which ExxonMobil plans to initiate in early 2025.

Papanastasiou's remarks came after a meeting between ExxonMobil’s Vice President John Ardill and Cypriot President Nikos Christodoulides in Nicosia.

The Eni-Total consortium has already discovered the Cronos deposit in Block 6, which is estimated to contain 2.5 trillion cubic feet of gas, located near Block 10.

Adjacent to this, the Glaucus deposit, located in Block 10, is estimated to hold between 5 to 8 trillion cubic feet of gas, and the Pegasus well will be drilled nearby.

In addition to the Pegasus well, ExxonMobil is set to drill another exploratory well named Electra in January 2025, located in Block 5, north of Block 10 and west of Block 6.

ExxonMobil and Qatar Petroleum hold exploration licenses for two blocks, while the Eni-Total consortium has licenses for seven blocks, and a partnership between Chevron and Shell holds one block.

Cyprus officials believe that these offshore gas deposits could significantly enhance Europe's energy security, especially in light of the ongoing energy crisis exacerbated by Russia's war in Ukraine.

After drilling, ExxonMobil plans to evaluate various development options by mid-2025, which may include liquefying gas for export or processing it onshore in Cyprus for domestic use.

Furthermore, Cypriot authorities are in preliminary discussions with several unidentified energy companies from Persian Gulf states regarding exploration licenses in Cyprus' offshore exclusive economic zone.

ExxonMobil is currently in discussions with a consortium comprising Eni and Total to develop significant gas deposits discovered off the southern coast of Cyprus, as stated by Cypriot Energy Minister George Papanastasiou.

Papanastasiou indicated that if the Pegasus well confirms sufficient gas reserves, infrastructure could be developed to connect the Glaucus and Pegasus deposits.