ExxonMobil, QatarEnergy affirm commitment to offshore Cyprus gas development

ExxonMobil, QatarEnergy and the Cypriot government have taken a key step toward developing the Glaucus and Pegasus gas discoveries.
Related To: 
July 2, 2026
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Why this news matters:

  • The commercial discovery declaration moves the Glaucus and Pegasus gas fields from exploration success toward potential development and production.
  • Progress in Block 10 could strengthen Cyprus’ position as an emerging natural gas producer in the Eastern Mediterranean.
  • The involvement of ExxonMobil and QatarEnergy highlights continued industry interest in advancing large-scale offshore gas projects in the region.

 

ID 406825275 © Hryhorii Turik | Dreamstime.com
Cyprus map and flag

ExxonMobil, QatarEnergy and the government of Cyprus have signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10 offshore southern Cyprus, along with a collaboration statement.

The declaration is said to be a significant milestone in the development of the country’s offshore resources. It also underlines a commitment to pursue the development of Block 10 and wider opportunities.

All parties will now work to advance regulatory engagement and approvals, and development/production planning to support the next phase of Block 10 activities.

Courtesy QatarEnergy
Map: Block 10 offshore Cyprus

Under the declaration, the parties will work together to advance regulatory engagement and approvals, as well as development and production planning, in support of the next phase of Block 10 activities.

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About the Author

Jeremy Beckman
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Jeremy Beckman

Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.

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