What did ExxonMobil and QatarEnergy declare about Cyprus's offshore gas fields, and what is the significance of the Declaration of Marketability signed in Nicosia?

ExxonMobil and QatarEnergy declared the gas prospects in the Glaucus and Pegasus offshore fields 'marketable' through a Declaration of Marketability signed with Cyprus in Nicosia — a milestone advancing Cyprus’s efforts to develop offshore gas reserves and positioning the Eastern Mediterranean as 'a credible alternative energy corridor for Europe', according to Cyprus President Nikos Christodoulides. The declaration marks formal recognition that the combined discoveries (estimated at 8–9 trillion cubic feet) are commercially viable, enabling progression toward front-end engineering and design (FEED), with a final investment decision anticipated around 2029 and production expected by 2033.

How does ExxonMobil plan to develop the Glaucus and Pegasus gas discoveries, and what role does Egypt’s infrastructure play?

ExxonMobil plans to develop the Glaucus and Pegasus discoveries via a pipeline tie-back to Egypt’s existing gas and LNG infrastructure, as confirmed by ExxonMobil Vice President John Ardill; this approach aligns with a May preliminary agreement between QatarEnergy, ExxonMobil, and Egypt’s government to study commercialising Cyprus’s gas using Egypt’s facilities. Additional drilling is required before FEED, and the tie-back model is also under consideration for other Cypriot fields — including Chevron’s Aphrodite (3.5–4.5 tcf) and Eni/Total’s Cronos (over 3 tcf).

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ExxonMobil, QatarEnergy declare Cyprus gas marketable in deal with Nicosia

Jun 30, 2026

ExxonMobil and QatarEnergy declared two offshore gas fields in Cyprus marketable under a deal with Nicosia, targeting up to 9 trillion cubic feet of reserves. Production is anticipated by 2033, aiming to supply Europe through existing Egyptian infrastructure.

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ExxonMobil, QatarEnergy declare Cyprus gas marketable in deal with Nicosia