ExxonMobil has announced to the Cypriot government that the "Pegasus" and "Glafkos" natural gas deposits may contain an estimated 226 to 255 bcm (8-9 tcf) of reserves. Cyprus’s Minister of Energy, Trade, and Industry stated that there is a significant quantity of natural gas within the country’s Exclusive Economic Zone (EEZ) that needs to be commercialized. For now, ExxonMobil has pledged to move forward quickly, with detailed timelines to be announced.
In July 2025, ExxonMobil and QatarEnergy announced a new natural gas discovery in Cyprus’s offshore Block 10, with preliminary estimates placing in-place resources between 142 and 227 bcm. This marks the consortium’s second significant discovery in the block, following Glaucus-1 (2019) and Glaucus-2 (2022) (Glafkos) and reinforces the area’s potential—although Cyprus has yet to commercialize any of its offshore gas.
ExxonMobil Exploration and Production Cyprus operates the block with a 60% stake, while QatarEnergy International E&P holds the remaining 40%.