The Republic of Cyprus, ExxonMobil, and QatarEnergy have signed a Declaration of Commerciality for the Glafkos and Pegasus natural gas fields, officially confirming that the discoveries are worth developing.
This means the gas found in Cyprus’ exclusive economic zone is no longer just an exploration success; it is now considered commercially viable, moving the project into the next stage: development planning.
President Nikos Christodoulides called the agreement a “milestone of strategic importance,” saying it confirms Cyprus is strengthening its role on the regional energy map.
Energy Minister Michalis Damianos said the deal sends a strong message of confidence in Cyprus as an energy partner and in the wider Eastern Mediterranean as an emerging energy hub.
But while the potential sound promising, the reality remains a long-term project. According to ExxonMobil, the next steps include additional seismic analysis, further drilling, and detailed engineering work before a final investment decision is expected around 2029. If everything moves as planned, production could begin in 2033.
