Overview
- The companies and the government of Cyprus signed a commerciality declaration that moves the Glaucus and Pegasus finds from appraisal into formal development planning.
- The two fields in Block 10 are estimated to hold about 7 trillion cubic feet of gas, a figure companies say makes a subsea pipeline to Egypt’s existing LNG plants the most economical route to market.
- The consortium will resume appraisal drilling at Pegasus later in 2026 and expects to take a final investment decision in 2029 with first production targeted for 2033.
- ExxonMobil highlighted strong Cyprus–Egypt government coordination as key to building an eastern Mediterranean energy hub that could supply European LNG markets while onshore or floating LNG in Cyprus is judged too costly for the current resource size.
- The decision follows years of exploration in Cyprus’ 13-block EEZ where other majors hold discoveries, and it could boost Cyprus’s economy and Europe’s energy options if the multi-year plan clears technical, regulatory, and commercial hurdles.