ExxonMobil signs gas exploration pact with Turkey, targeting Cyprus offshore fields

ExxonMobil, together with Qatar Energy, plans to commence natural gas production from the Glaucus and Pegasus fields offshore Cyprus by 2033, with a preferred export route via a pipeline to Egypt for liquefaction. The project will be managed 60% by ExxonMobil and 40% by Qatar Energy.

In a related development, Turkey's state oil company TPAO and ExxonMobil’s subsidiary ESSO Exploration International Limited signed a Memorandum of Understanding in Istanbul covering new offshore search areas in the Black Sea and the Mediterranean, as well as any mutually agreed international zones. Turkish Energy Minister Alparslan Bayraktar highlighted that the partnership aims to boost operational efficiency and support Turkey’s goal of energy independence and becoming a regional energy hub.