ExxonMobil Makes Second Major Gas Find in Cyprus' Block 10

Exxon Mobil Corporation XOM, in partnership with QatarEnergy, has made a fresh natural gas discovery offshore Cyprus, marking the second major find in the country’s Block 10, per a Reuters report. According to a statement by government spokesperson Konstantinos Letymbiotis, preliminary drilling results from the Pegasus-1 well indicate the presence of a gas-bearing reservoir extending approximately 350 meters at a depth of 1.9 kilometers (beneath the seabed).The announcement followed a formal briefing to Cypriot president Nikos Christodoulides. Letymbiotis emphasized that additional evaluations will be necessary over the coming months to fully assess the reservoir’s commercial potential.ExxonMobil-Led Group Deepens Cyprus Gas PotentialThe Pegasus-1 discovery builds on the earlier success of the Glaucus-1 well in Block 10, which was announced in February 2019. A follow-up appraisal, Glaucus-2, completed in March 2022, validated the presence of a high-quality natural gas reservoir. These findings position the ExxonMobil-led consortium as a key player in the Eastern Mediterranean’s untapped gas frontier.Cyprus Eyes Long-Term Energy PotentialDespite multiple gas discoveries around its southern coast, Cyprus is yet to begin commercial extraction or exports. The nation views its offshore reserves as a strategic opportunity to boost energy security and attract foreign investment, especially amid heightened interest in diversified natural gas sources following geopolitical disruptions in global energy markets.As exploration progresses, the ExxonMobil-QatarEnergy team will continue assessment and appraisal activities to determine the viability of future development and production in Block 10.XOM’s Zacks Rank & Key PicksXOM currently carries a Zack Rank #3 (Hold).Investors interested in the energy sector may look at a few better-ranked stocks like TechnipFMC plc (FTI), W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII, each  carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.TechnipFMC continues to build momentum in its subsea business, supported by strong order activity and a growing pipeline of opportunities. A key strength in FTI’s business model is its limited exposure to U.S. land operations, which are more sensitive to volatile commodity pricing.The Zacks Consensus Estimate for FTI’s 2025 EPS is pegged at $2.08. The company has a Value Score of B.W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.The Zacks Consensus Estimate for OII’s 2025 EPS is pegged at $1.79. The company has a Value Score of B. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM): Free Stock Analysis Report TechnipFMC plc (FTI): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks