Cyprus has signed a commercial discovery declaration with ExxonMobil and QatarEnergy for the Glaucus and Pegasus offshore gas fields, marking a major step towards developing the country's natural gas resources and strengthening its role as an emerging energy hub in the Eastern Mediterranean.
The agreement, signed on Tuesday, formalizes the commercial viability of the two discoveries and paves the way for their development.
Cyprus President Nikos Christodoulides described the declaration as a milestone of strategic importance, while Energy Minister Michael Damianos said it reinforces Cyprus' position on the regional energy map and supports Europe's efforts to diversify energy supplies.
ExxonMobil said it expects to make a final investment decision on the Glaucus and Pegasus fields in 2029, with gas production targeted to begin in 2033.
The company also confirmed plans to continue exploration activities in Cyprus' Exclusive Economic Zone, including additional work in Blocks 4 and 10A. Appraisal drilling at the Pegasus field is scheduled to begin later this year, while seismic data from the new blocks will be reprocessed before further drilling decisions are made.
ExxonMobil said the most likely development option is a pipeline linking Cyprus' offshore gas fields to existing LNG infrastructure in Egypt, citing strong government cooperation between the two countries.
Cyprus said the agreement marks a transition from exploration to development and is expected to boost energy security, attract investment, and enhance the country's strategic role in the Eastern Mediterranean energy market.
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