ExxonMobil Plans Cyprus Gas Flows by 2033 from 7 Tcf Glaucus-Pegasus Fields
XOM•ExxonMobil and QatarEnergy declared Cyprus' Glaucus and Pegasus fields commercially viable with combined reserves of about 7 trillion cubic feet and plan pipeline delivery to Egypt's liquefaction facilities. The consortium aims to begin flows by 2033 and will drill Pegasus later this year to refine development data.
1. Commercial Viability and Reserves
ExxonMobil and QatarEnergy signed a deal with Cyprus declaring the Glaucus and Pegasus undersea deposits commercially viable, estimating a combined 7 trillion cubic feet of natural gas in Block 10 of Cyprus’ exclusive economic zone. This designation permits the consortium to advance front-end engineering and development studies.
2. Development Plan and Timeline
The most likely export route involves a subsea pipeline to processing plants in Egypt, where the gas can be liquefied for export. The consortium targets initial gas flows by 2033 and will conduct additional drilling at Pegasus by year-end to gather data for final development planning.
3. Strategic Importance and Regional Context
Strong government-to-government coordination between Cyprus and Egypt underpins the project, positioning Cyprus as an eastern Mediterranean energy hub for European markets. ExxonMobil is also exploring adjacent southwestern blocks, while competing consortia hold licenses for additional discoveries totaling over 11 trillion cubic feet in the Cypriot EEZ.
