Energy conglomerates ExxonMobil and QatarEnergy signed a deal with Cyprus on Tuesday declaring prospects in two offshore ?gas fields marketable, a milestone in efforts by the ?east Mediterranean island to develop offshore gas reserves.
The Declaration of Marketability signed in Nicosia advances a project central to the region's ambitions to ?supply more gas to Europe.
- ExxonMobil has reported discoveries in ?two offshore blocks in fields known as Glaucus and ?Pegasus.
- Cypriot officials say the combined discoveries could be between ?8 and 9 trillion cubic feet.
- The deal signed on Tuesday "represents a ?major step towards establishing the Eastern Mediterranean as a credible alternative energy corridor for Europe", Cyprus President Nikos Christodoulides said in Nicosia alongside ?representatives of ExxonMobil and QatarEnergy.
- Some additional drilling on the two ?offshore fields would be required before moving into the front-end engineering and ?design (FEED), ?officials say.
- A final investment decision is anticipated around 2029 and production in 2033, said ExxonMobil Vice President and head of global expansion John Ardill.
- QatarEnergy signed a preliminary deal with ExxonMobil and ?Egypt's government in ?May to study ?the development and commercialisation of gas discoveries in Cyprus using Egypt's existing gas and LNG ?infrastructure.
- The reserves from Pegasus and Glaucus would probably ?be ?delivered with a pipeline tie-back to Egypt, Ardill said.
- Tie-backs to underutilised infrastructure in Egypt are also being considered for other Cypriot ?discoveries; ?approximately 3.5-4.5 tcf in Aphrodite, licenced ?to Chevron, and the more than 3 tcf Cronos discovery licenced to Italy's ?Eni with France's Total.
(Reuters, June 30, 2026)
