Cyprus advances offshore gas development with ExxonMobil and QatarEnergy

biz.nv.ua (Ukrainian)

Cyprus has declared two offshore gas fields, Glaucus and Pegasus, commercially viable, potentially unlocking significant European gas supplies. ExxonMobil and QatarEnergy signed an agreement with Cyprus to develop these fields, estimated to hold up to 255 billion cubic meters of gas. This move aims to establish the Eastern Mediterranean as an alternative energy corridor for Europe. Further drilling is required before final investment decisions are made around 2029, with production expected to begin in 2033. This development follows similar initiatives in the region, including a Romanian gas project.


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Cyprus advances offshore gas development with ExxonMobil and QatarEnergy | News Minimalist