Valaris rig on the move as ExxonMobil’s drilling ops end in non-commercial gas volumes

Two energy giants, U.S.-headquartered ExxonMobil and Qatar’s QatarEnergy, have wrapped up drilling activities off the coast of Cyprus, carried out with a drillship owned by Valaris, an offshore drilling contractor.

Following the beginning of drilling operations in January 2025, the Ministry of Energy, Trade and Industry confirmed the completion of these activities on April 14 at the Elektra-1 prospect within Block 5 of the Exclusive Economic Zone (EEZ) of the Republic of Cyprus.

The drilling work was done with the Valaris DS-9 drillship by a joint venture (JV), including ExxonMobil Exploration and Production Cyprus, the operator of the JV, and QatarEnergy International E&P, which holds a hydrocarbon exploration license for the block.

According to the ministry, the well data and preliminary evaluation work indicate the presence of natural gas in non-commercial quantities. Based on the operator’s early assessment, Elektra-1 has yielded encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs.

Moreover, the data collected during these drilling operations are being evaluated to determine the consortium’s future plans for the block. In the meantime, the Valaris DS-9 drillship will now move to Block 10 offshore Cyprus to conduct exploration drilling at the Pegasus-1 well on behalf of the same consortium.

ExxonMobil made a gas discovery recently in the western region of the Mediterranean Sea, off the coast of Egypt, using the same drillship after exercising a six-month-priced option for the rig. The U.S. player has two more six-month extension options at its disposal.