Cyprus, ExxonMobil, and QatarEnergy signed a gas commerciality declaration today (30 June 2026) for the Glafkos and Pegasus natural gas fields — two major discoveries in Cyprus’s Exclusive Economic Zone (EEZ). The three parties also signed a joint statement reaffirming their continued collaboration.
A Strategic Milestone
Cypriot President Nikos Christodoulides described the signing as a “strategic milestone of historic importance.” Energy Minister Michalis Damianos emphasized that the move further strengthens Cyprus’s position on the regional energy map and adds momentum to the Eastern Mediterranean’s emergence as a key energy hub.
Earlier in the day, President Christodoulides hosted senior executives from ExxonMobil and QatarEnergy at the Presidential Palace in Nicosia. At the signing ceremony, Minister Damianos noted that ExxonMobil’s continued interest in Blocks 4 and 10A represents another strong vote of confidence in Cyprus’s energy programme and its credibility as a reliable energy partner.
Timeline and Next Steps
John Ardill, ExxonMobil’s Vice President for Exploration and New Business Development, stated that the company expects to reach a final investment decision (FID) for Glafkos and Pegasus by 2029, with production scheduled to begin in 2033.
Regarding broader exploration in Blocks 4 and 10A, Ardill explained that the first step will be reprocessing existing seismic data to improve subsurface imaging. This work will help define a prospect inventory and inform future drilling plans — though he stressed: “We still have work to do before we’re ready to drill in these blocks.”
Significance for Cyprus
Minister Damianos underscored that the commerciality declaration marks a pivotal moment for hydrocarbon exploration in Cyprus’s EEZ. It affirms both the region’s substantial resource potential and the shared commitment to responsible development — particularly in Block 10, where Glafkos and Pegasus were discovered.
“The Glafkos and Pegasus discoveries rank among the most significant achievements of Cyprus’s energy programme,” he said. “Today’s declaration of commerciality signals the transition into the next phase of development — laying the groundwork for harnessing this valuable energy resource. It also reinforces Cyprus’s strategic role in the regional energy landscape and bolsters the Eastern Mediterranean’s growing identity as an energy nexus.”
Ardill echoed the historic nature of the occasion, calling it a defining day for Cyprus and for ExxonMobil’s energy investment in the country. “The idea of a European energy hub becomes real when fields start flowing — and that’s what we’re beginning today,” he said. He added that ExxonMobil’s success in Block 10 has spurred its ambition to expand that success across other areas.