The ExxonMobil–QatarEnergy consortium officially declared the “Glaucus” and “Pegasus” natural gas fields in Block 10 commercially viable on 30 March 2026, marking a decisive step toward their exploitation.
Energy Minister Michalis Damianos announced on Friday that the consortium confirmed via letter that the two fields, totaling approximately 7 trillion cubic feet (tcf), are now considered exploitable. Speaking during a press conference reviewing 2025 and outlining 2026 goals, Damianos noted that the consortium must submit a development plan within the next year.
A final investment decision (FID) is expected to follow, with 2033 identified as a probable milestone for the fields to go online.
“The declaration of commerciality essentially means that ExxonMobil’s two discoveries in Block 10 are now deemed exploitable,” Damianos said.
The “Glaucus” and “Pegasus” fields join the “Aphrodite” and “Cronos” discoveries in Cyprus’s commercial portfolio. According to the minister, this development strengthens the Republic of Cyprus’s energy assets and aligns with the broader strategy to promote the commercial use of domestic gas reserves after 2030.
Review of 2025 Reflecting on the past year, Damianos highlighted the discovery of the “Pegasus” field in Block 10 and the approval of the revised Development and Production Plan for “Aphrodite.”
The ministry also oversaw the completion of the Pre-Front End Engineering Design (pre-FEED) stage for “Aphrodite,” a critical phase for its commercial path. Significant progress was also reported for Block 6 and the “Cronos” field, including agreements between Cyprus, Egypt, and licensed operators, alongside a Memorandum of Understanding for “Aphrodite.”
Targets for 2026 The pace of development is set to accelerate this year. On 30 March, during the EGYPES exhibition in Cairo, Cyprus and Egypt signed strategic agreements regarding the “Aphrodite” and “Cronos” fields.
Furthermore, basic terms for the Gas Sale Agreement for “Aphrodite,” including the sale price, have been agreed upon, clearing the way for a Final Investment Decision.
The government’s 2026 objectives include:
- Approval of the Development and Production Plan for “Cronos”
- Final investment decisions by participating companies
- Signing a cross-border agreement with Israel regarding “Aphrodite”
- Completion of the Front-End Engineering Design (FEED) stage