QatarEnergy, ExxonMobil Declare Cyprus Block 10 Gas Fields Commercial

QatarEnergy, ExxonMobil and the Government of Cyprus have declared the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, commercially viable.

ExxonMobil operates the block with a 60 percent stake, and QatarEnergy holds the remaining 40 percent. The two partners have logged two finds there: Glaucus in 2019 and Pegasus in 2025.

The Pegasus-1 well lies roughly 190 kilometers southwest of Cyprus and showed close to 350 meters of gas-bearing reservoir.

ExxonMobil put the in-place natural gas resource at Glaucus at roughly 5 trillion to 8 trillion cubic feet, drawing on a preliminary reading of the well data. The government's best estimate for gas in place at Glaucus is lower, at 3.7 trillion cubic feet.

Saad Sherida Al-Kaabi framed the declaration as a step in advancing offshore resource development in Cyprus and strengthening energy cooperation across the Eastern Mediterranean.

The co-venturers signed a memorandum of understanding with Egypt earlier in 2026 to weigh developing the Cyprus finds through Egyptian infrastructure, according to Rigzone. That route would use processing and export capacity already installed rather than new build in Cyprus.

The operator range for Glaucus runs above the government figure, a gap between the 5 trillion to 8 trillion cubic feet band cited by ExxonMobil and the 3.7 trillion cubic feet best estimate held by Cyprus.