ExxonMobil, QatarEnergy Affirm Commerciality of Cyprus Discoveries
QatarEnergy and Exxon Mobil Corp have signed a "commercial discovery declaration" with the Cypriot government for two discoveries in Block 10 in the Mediterranean Sea.
"Under the declaration, the parties will work together to advance regulatory engagement and approvals, as well as development and production planning, in support of the next phase of Block 10 activities", state-owned QatarEnergy said in an online statement.
"In parallel, QatarEnergy and ExxonMobil reaffirmed their shared commitment to sustained collaboration and alignment across both the development of Block 10 and broader potential opportunities".
QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar's energy minister, said, "This marks an important step in advancing the development of offshore resources in Cyprus and in reinforcing regional energy cooperation across the Eastern Mediterranean".
Operator and 60 percent owner ExxonMobil and 40 percent partner QatarEnergy have made two discoveries in Block 10: Pegasus in 2025 and Glaucus in 2019.
"The 'Pegasus-1' well, located about 190 kilometers offshore southwest of Cyprus, indicated approximately 350 meters [1,148.29 feet] of gas-bearing reservoir", Cyprus' presidential office said July 7, 2025.
In Glaucus-1, the partners found a gas-bearing reservoir about 436 feet. "Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters)", ExxonMobil said in a press release February 28, 2019.
"The first well, Delphyne-1, did not encounter commercial quantities of hydrocarbons", ExxonMobil said.
In March 2022 appraisal well Glaucus-2 confirmed a "high-quality gas-bearing reservoir", according to online information from the government, which has placed the best estimate of gas-in-place resources in the Glaucus discovery at 3.7 trillion cubic feet.
Earlier in 2026 the co-venturers signed a memorandum of understanding (MoU) with Egypt to assess the potential to develop gas discoveries in Cyprus through the North African country's existing infrastructure.
"The MoU enables the three signatory parties to study future growth opportunities and flexible commercial frameworks in light of Egypt’s position in the region and its gas infrastructure, which serves both domestic consumers and global markets", QatarEnergy said in a media release May 21. "It highlights Egypt's role as a potential hub for Eastern Mediterranean gas, supporting deeper integration between Egypt and Cyprus in the field of natural gas while optimizing the utilization of existing infrastructure".
ExxonMobil and QatarEnergy are also partners in Cyprus' Block 5, for which they signed an exploration and production sharing contract 2021 with ExxonMobil as operator.
In April 2025 the Energy Ministry announced that results from the Elektra-1 well in Block 5 indicated the presence of gas in non-commercial volumes.
"According to Operator’s early assessment, 'Elektra-1' has yielded encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs", the ministry said.
To contact the author, email jov.onsat@rigzone.com
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