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Block 10

Nicosia to set up hydrocarbons fund

The speed at which Cyprus makes its next moves in the wake of Thursday’s announcement by ExxonMobil that a large gas deposit was discovered in Block 10 of its exclusive economic zone (EEZ) is seen as a determining factor in the island’s energy development and future drillings there by the US energy giant.

Exxon drillship on location in block 10

The Stena Icemax drillship has arrived on location in Cyprus’ offshore block 10 and is preparing to bore down into the seabed, energy minister Giorgos Lakkotrypis said on Monday.