Published on 6/30/2026
Qatar Energy signed a declaration of commercial feasibility for the discoveries of the Glucos and Pegasus fields in offshore Block 10 in Cyprus, in addition to a statement on cooperation with both the Cypriot government and ExxonMobil.
Qatar Energy said that the statement – which was signed in the city of Nicosia – constitutes a “milestone in the development of Cyprus’ marine resources.”
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She added that this statement reflects the “strong and constructive relationship” between the three parties, and their shared commitment to continuing long-term cooperation and partnership, which includes developing Area No. 10 and exploiting future opportunities.
Under the agreement, the three parties will work to complete regulatory requirements and obtain the required approvals, in addition to development and production planning efforts in support of the next phase of work activities in this marine area, according to a Qatar Energy statement said on Tuesday.
Qatar Energy and ExxonMobil affirmed their common desire to continue dialogue and consensus regarding the development of this marine region, and to widely exploit potential future exploration opportunities.
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The Qatari Minister of State for Energy Affairs, Managing Director and CEO of Qatar Energy, Saad bin Sherida Al-Kaabi, said that the announcement “constitutes a milestone in efforts to develop offshore oil and gas resources in Cyprus, and in enhancing regional cooperation in the field of energy across the Eastern Mediterranean.”
For his part, Cypriot President Nikos Christodoulides – along with representatives of ExxonMobil and Qatar Energy – said that the agreement signed on Tuesday “represents a major step towards consolidating the position of the eastern Mediterranean as an alternative energy corridor on which Europe depends,” according to what Reuters reported.
In turn, John Ardell, Vice President of Exxon Mobil, said that the final decision on investment is expected to be issued in 2029, with production starting in 2033.
He explained that the reserves from the Glaucus and Pegasus fields will likely be transported via a pipeline connected to Egypt.
Reuters quoted Cypriot officials as saying that the size of the combined discoveries may range between eight and nine trillion cubic feet.
Qatar Energy is one of the largest integrated energy companies in the world and leads the global liquefied natural gas sector, while it continues to expand its international investments through partnerships with major energy companies, as part of its strategy to enhance its presence in oil and gas projects and the global energy transition.
