Gas
QatarEnergy locks in major offshore Cyprus gas milestone with ExxonMobil
The partners will now move into the next phase—focused on regulatory approvals, development planning, and preparing for production
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By ICN Bureau | July 07, 2026
QatarEnergy has signed a commercial discovery declaration for the Glaucus and Pegasus fields in Block 10 offshore Cyprus, alongside a collaboration statement with the Government of Cyprus and ExxonMobil, marking a significant push toward developing the country’s offshore energy potential.
The agreement was signed in Nicosia and is being described as a key milestone for advancing Cyprus’ offshore resources. It also signals deeper alignment between the parties on long-term cooperation, covering both Block 10 development and broader future opportunities in the region.
Saad Sherida Al-Kaabi highlighted the strategic importance of the move, saying: “This marks an important step in advancing the development of offshore resources in Cyprus and in reinforcing regional energy cooperation across the Eastern Mediterranean.
"We would like to convey our thanks to the Government of Cyprus and to our strategic partner ExxonMobil for their support and cooperation, and we look forward to continuing to work closely with them on Block 10 future activities.”
Under the declaration, the partners will now move into the next phase—focused on regulatory approvals, development planning, and preparing for production.
QatarEnergy and ExxonMobil also reaffirmed their commitment to continued coordination across Block 10 and potential additional opportunities, signalling that this is likely the start of a longer-term upstream push in the Eastern Mediterranean.
