BUSINESS

ExxonMobil begins hydrocarbon exploration off Cyprus

TAGS: Cyprus, Energy

US energy giant ExxonMobil has started exploring for oil and gas in block 10 of Cyprus’s Exclusive Economic Zone (EEZ), the country's energy minister, Giorgos Lakkotrypis, said on Friday.

Lakkotrypis confirmed the beginning of test drilling following a meeting in Nicosia with US Assistant Secretary of State for Energy Resources Francis Fannon, who is meeting with officials and business representatives to disuss energy security and cooperation on a regional tour that includes stops in Israel and Egypt.

“His trip will highlight the economic opportunities in the energy sector for Eastern Mediterranean gas development and related exports and encourage discussions on how countries can harness this potential for increased regional stability and economic growth,” the State Department said.

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