ExxonMobil Declares Block 10 Gas Discoveries Commercial with Up to 8 TCF Resources
XOM•ExxonMobil (60% operator) and QatarEnergy (40%) signed a commercial discovery declaration with Cyprus for two Block 10 gas finds: Pegasus with 350 meters of reservoir and Glaucus with up to 8 trillion cubic feet of in-place resources. They will pursue regulatory approvals and development planning while exploring export via a 2026 Egypt MoU.
1. Commercial Discovery Declaration
ExxonMobil and QatarEnergy signed a binding declaration with the Cypriot government affirming the commercial viability of two gas discoveries in Block 10 of the Mediterranean Sea. As operator with a 60% stake, ExxonMobil will lead next steps alongside QatarEnergy’s 40% interest.
2. Block 10 Discovery Details
The Pegasus-1 well, drilled 190 km offshore Cyprus in 2025, encountered approximately 350 meters of gas-bearing reservoir. The earlier Glaucus-1 discovery in 2019 held an estimated 5–8 trillion cubic feet of in-place gas, with a 2022 appraisal confirming 3.7 trillion cubic feet of high-quality reservoir.
3. Development and Regulatory Planning
Under the declaration, the partners will coordinate regulatory engagement in Cyprus and finalize development and production plans for both fields. This phase includes environmental approvals, detailed reservoir studies and designing offshore infrastructure.
4. Egypt Infrastructure Memorandum
Earlier in 2026, the co-venturers signed a memorandum of understanding with Egypt to assess transporting Cypriot gas via Egyptian pipelines and LNG facilities. The arrangement aims to leverage existing North African infrastructure as an export hub for Eastern Mediterranean gas.
