ExxonMobil and QatarEnergy declare commerciality for Glaucus and Pegasus gas fields

On March 30, 2026, the ExxonMobil and QatarEnergy consortium submitted a declaration of commerciality to the Cypriot Ministry of Energy for the Glaucus and Pegasus gas fields located in Block 10. Minister of Energy Michalis Damianos confirmed the move during a press conference on April 3, 2026, summarizing 2025 results. The two fields, which contain a total estimated volume of 7 trillion cubic feet, are now officially classified as commercially viable. The consortium is required to submit a comprehensive development plan within the next year. This step is expected to lead to a final investment decision in the near future. The potential production milestone for these fields is projected for 2033. These deposits join the previously declared Aphrodite and Kronos fields in the Republic of Cyprus's energy portfolio. The government views this as a vital step in its broader strategy to develop regional natural gas resources.