Cyprus, ExxonMobil and QatarEnergy have signed a declaration of commerciality for the Glaucus and Pegasus natural gas fields, moving the discoveries from the exploration phase into development.
President Nikos Christodoulides described the move as a “milestone of strategic importance” for Cyprus’s Exclusive Economic Zone (EEZ).
The announcement said the agreement strengthens Cyprus’s role as an energy partner in the Eastern Mediterranean. It added that the deal creates prospects for further exploitation of the EEZ and for reinforcing Europe’s energy security.
Energy Minister Michalis Damianos said the process represents a significant confirmation of the country’s energy programme and of its credibility as an investment destination in the hydrocarbons sector.
ExxonMobil estimates that a final investment decision on the fields will be taken in 2029, with production targeted to begin in 2033. Additional drilling and engineering studies are expected before the final phase, the company said.
The consortium is also weighing development scenarios for the fields, including a pipeline to Egypt or LNG facilities, with the choice depending on available reserves and infrastructure costs.
ExxonMobil’s Vice President said the company’s exploration process in Cyprus began in 2017 and is now moving from the search phase into development, calling it a “historic milestone.”
The Energy Minister also said work is continuing on other projects, including the Aphrodite field. Negotiations with Israel over the Isai field are at an advanced stage, he said.
The government expects a new licensing round to proceed within the coming years, further boosting activity in Cyprus’s EEZ.