Cypriot natural gas could start flowing from ExxonMobil’s discoveries by 2033
The consortium plans more drilling this year and says a pipeline to Egypt is the most likely export route.
- On Tuesday, ExxonMobil and QatarEnergy signed a joint declaration in Nicosia officially designating the Glaucus and Pegasus gas fields as "marketable," marking a major milestone for Cyprus' offshore energy development.
- Cyprus President Nikos Christodoulides hailed the deal as "a major step towards establishing the Eastern Mediterranean as a credible alternative energy corridor for Europe," describing it as a vote of confidence in the nation's EEZ prospects.
- ExxonMobil Vice President of Global Exploration John Ardill anticipates a final investment decision around 2029, with natural gas production potentially starting by 2033 via pipeline to existing Egyptian facilities.
- To gather key data for development, the consortium will conduct additional appraisal drilling at the Pegasus deposit at year-end, marking a transition from energy exploration to development phase.
- In the wider Cypriot EEZ, consortiums led by Italy's Eni and French Total hold licenses over deposits including Aphrodite and Cronos, positioning the region as a multi-operator energy hub.
20 Articles
20 Articles
Associated Press News
Cypriot natural gas could start flowing from ExxonMobil's discoveries by 2033
Natural gas could start flowing from two undersea deposits ExxonMobil discovered off Cyprus by 2033, the company's Vice President of Global Exploration John Ardill said, helping to turn the east Mediterranean island nation into a new European energy hub.
Cypriot gas fields declared ‘marketable’ by energy giants
Two gas fields located in Cyprus exclusive economic zone (EEZ) were on Tuesday declared “marketable” by multinational energy corporations ExxonMobil and QatarEnergy. Both fields, the ‘Pegasus’ field and the ‘Glaucus’ field, are located in Block 10 of Cyprus’ EEZ, with ExxonMobil and QatarEnergy having already jointly acquired the rights to the natural gas in that block. The fields’ status as “marketable” was the subject of a joint declaration si…
ExxonMobil eyes 2033 production start at Cyprus gas fields
Cyprus, ExxonMobil and QatarEnergy have signed a declaration of commerciality for the Glaucus and Pegasus natural gas fields, moving the discoveries from the exploration phase into development. President Nikos Christodoulides described the move as a “milestone of strategic importance” for Cyprus’s Exclusive Economic Zone (EEZ). The announcement said the agreement strengthens Cyprus’s role as an energy partner in the Eastern Mediterranean. It add…
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