Cyprus declares Glaucus and Pegasus offshore gas fields commercially viable

Cyprus, together with ExxonMobil and QatarEnergy, signed a declaration of commerciality for the offshore Glaucus and Pegasus natural‑gas fields in Block 10 of its exclusive economic zone. The signing took place in Nicosia on 30 June 2026 and was attended by President Nikos Christodoulides, who called the agreement a “major step toward establishing the Eastern Mediterranean as a credible alternative energy corridor for Europe,” and Energy Minister Michael Damianos, who described it as a “vote of confidence” in Cyprus’s EEZ.

The two discoveries contain roughly 7 trillion cubic feet of gas. The partners plan a final investment decision in 2029 and aim to start production by 2033. Development options focus on exporting the gas via a pipeline to existing LNG facilities in Egypt, though on‑shore or floating liquefaction units in Cyprus are also being evaluated. The milestone is seen as strengthening Cyprus’s role as a regional energy hub and supporting the EU’s effort to diversify away from Russian gas.

ExxonMobil’s vice‑president of global exploration John Ardill highlighted that the declaration marks the transition from exploration to development, emphasizing the joint effort between government and investors to bring the gas to market for the Cypriot people.