ExxonMobil, QatarEnergy make gas discovery off Cyprus

Cyprus

LIMASSOL, July 7, 2025 – A consortium of ExxonMobil and QatarEnergy has made a natural gas discovery in the Pegasus-1 well offshore Cyprus, Reuters reported on Monday.

Preliminary findings indicate a 350-metre gas-bearing reservoir at a depth of 1.9 kilometres, according to government spokesperson Konstantinos Letymbiotis. “Further assessment will be required in the coming months to evaluate the results,” the report cited him as saying following a briefing of Cypriot president Nikos Christodoulides.

This marks the second discovery in Block 10 by the partner companies, following a find at the Glaucus-1 well in 2019. The Glaucus-2 appraisal well, completed in 2022, confirmed the presence of a high-quality gas-bearing reservoir.

Block 10 lies in the exclusive economic zone of Cyprus, southwest of the island, and was awarded to the ExxonMobil-QatarEnergy partnership in a 2017 licensing round. ExxonMobil serves as operator with a 60% interest, while QatarEnergy holds the remaining 40%. The block is considered one of the most promising offshore areas, with multiple prospects identified for exploration.

Cyprus’s oil and gas industry is centred offshore in the eastern Mediterranean, where several discoveries have been made since 2011. The country aims to develop these reserves to enhance energy security and position itself as a regional energy hub, though commercial production has yet to begin.