ExxonMobil and QatarEnergy declare Glaucus and Pegasos fields commercially viable

On March 30, 2026, the consortium of ExxonMobil and QatarEnergy submitted a formal declaration of commerciality for the Glaucus and Pegasos natural gas fields located in Block 10 offshore Cyprus. Cypriot Minister of Energy, Commerce and Industry, Michalis Damianou, announced the development during a press conference held on April 3, 2026. The two fields, which contain an estimated total of 7 trillion cubic feet (tcf) of natural gas, are now officially classified as commercially viable. The consortium is required to submit a development plan within the next year. Subsequent steps include a final investment decision, with potential production expected by 2033. These fields join the Aphrodite and Cronos deposits as part of the country's expanded energy portfolio. This declaration represents a significant step in the government's strategy for the commercial exploitation of natural gas reserves.