ExxonMobil and QatarEnergy declare Cyprus gas fields marketable

On Tuesday, energy corporations ExxonMobil and QatarEnergy signed a joint declaration confirming that the Pegasus and Glaucus natural gas fields in Block 10 of Cyprus’ exclusive economic zone (EEZ) are marketable. The agreement was finalized at the presidential palace in Nicosia in the presence of President Nikos Christodoulides and Energy Minister Michalis Damianou. This milestone transitions the project from the exploration stage to development. ExxonMobil Vice President John Ardill stated that the company expects a final investment decision by 2029, with gas production potentially commencing in 2033. President Christodoulides highlighted the development as a vote of confidence in Cyprus as a regional energy hub and a potential energy corridor for Europe. The companies have been active in the region since acquiring research rights in 2017, with the Glaucus field discovered in 2019 and Pegasus identified in 2023. Officials confirmed that discussions regarding exploration in additional maritime blocks are currently ongoing.