Declaration of Commerciality for Glaucus and Pegasus

ExxonMobil, with partner QatarEnergy, has submitted a declaration of commerciality for the Glaucus and Pegasus gas discoveries in Block 10 offshore Cyprus. This formal declaration confirms the commercial viability of the discoveries, which together hold an estimated 6 to 9 trillion cubic feet (Tcf) of in-place gas resources. The Cypriot Energy Ministry specifies Glaucus holds about 4.8 Tcf and Pegasus about 2.1 Tcf, totaling approximately 7 Tcf.

Development Timeline and Appraisal Plans

The development plan for the discoveries is expected to be submitted to authorities in 2026 or 2027. First gas is targeted after 2030, potentially by 2033, with a spokesperson noting a timeframe of 2030-2035 as not unreasonable. To further define the resource estimate, ExxonMobil plans appraisal and testing at the Pegasus discovery in early 2027.

Regional Context and Export Options

This project represents a third major deepwater gas development offshore Cyprus, alongside Eni's Cronos development in Block 6 and Chevron's Aphrodite field in Block 12. Given Cyprus's small domestic market, export is necessary. Likely development options for Glaucus-Pegasus include a pipeline tie-back to existing gas facilities in Egypt for liquefaction and export, similar to the plans for Cronos and Aphrodite. A floating LNG (FLNG) solution is also under consideration, with the final development plan to be evaluated in the coming months.