ExxonMobil’s Stena IceMax drillship will initiate drilling in mid-January at the ‘Electra’ site within Block 5 of Cyprus’ Exclusive Economic Zone. Energy Minister George Papanastasiou noted the promising geological formations at ‘Electra’. The drilling program, in partnership with Qatar Energy, will also target the ‘Pegasus’ site in Block 10. This exploration aims to confirm the area’s potential natural gas reserves.
Tag: GSI
Meridiam SAS, a French infrastructure investment firm, is acquiring a 49.9% stake in the €1.9 billion Great Sea Interconnector (GSI) project, which will connect the electricity grids of Greece, Cyprus, and Israel via subsea cables in the Eastern Mediterranean. The project aims to integrate Cyprus into Europe’s power grid and enhance energy security in Israel. Greece’s Independent Power Transmission Operator (IPTO) will retain a 50.1% share. Construction of the first phase, connecting Cyprus and Greece, began in 2023, with the EU providing €657 million in funding for the Cyprus-Crete segment.