ExxonMobil and QatarEnergy declare Glaucus and Pegasus gas fields commercially viable

On March 30, 2026, the ExxonMobil-QatarEnergy consortium submitted an official declaration of commerciality for the Glaucus and Pegasus natural gas fields located in Block 10 of the Cypriot Exclusive Economic Zone. Energy Minister Michalis Damianos confirmed the development on Friday, stating that these two fields hold approximately 7 trillion cubic feet of gas. This decision brings the total number of commercially viable fields in the Cypriot EEZ to four, alongside Aphrodite and Cronos. The consortium is required to submit a development plan within the next year, which must then be approved by the Republic of Cyprus. A final investment decision is expected in the coming years, with officials eyeing 2033 as a potential timeline for the start of production. While the government views this as a significant milestone, some reports highlight uncertainties regarding extraction timelines, market prices, and the reliance on Egyptian infrastructure. For the Aphrodite field, a revised development plan has been approved, with a final investment decision anticipated by early 2027.