Cyprus President meets ExxonMobil to accelerate gas field development

Cypriot President Nikos Hristodulidis met with ExxonMobil Global Exploration Vice President John Ardill in New York to discuss the accelerated development of the Pegasus and Glaucus natural gas fields.

Following the declaration of these discoveries as commercially viable within Cyprus's Exclusive Economic Zone (Block 10), the discussions focused on transitioning to the next phase of production. Hristodulidis emphasized the need to maintain current momentum by speeding up the evaluation of development options to submit a development and production plan as soon as possible.

The goal is to facilitate the necessary processes for a Final Investment Decision (FID) by ExxonMobil and QatarEnergy. The Cypriot government views the exploitation of these domestic gas reserves as a core priority of its energy strategy, aiming to strengthen Cyprus's role in the Eastern Mediterranean and support European energy security through the diversification of supply sources and routes.