ExxonMobil Confirms 8–9 Trillion Cubic Feet of Gas in Cyprus’ Block 10 EEZ
Cyprus’ Block 10 Gas Reserves Must Now Move Toward Commercialization, Minister Says
The natural gas reserves in Pegasus and Glaucus fields (Block 10) of Cyprus’s Exclusive Economic Zone (EEZ) are estimated at 8 to 9 trillion cubic feet, according to a briefing delivered by ExxonMobil in New York on Thursday to President Nicos Christodoulides, Government Spokesman Konstantinos Letymbiotis announced.
A statement from the Presidency noted that during the meeting, President Christodoulides highlighted the importance of ExxonMobil’s presence in the Cypriot EEZ, stressing: “Our cooperation is excellent and always based on honesty. I look forward to today’s discussions, particularly regarding the assessment of Pegasus, but also Block 10 and other issues on the agenda.”
ExxonMobil Vice President John Ardill stated that he had “very good news” to share with the President, underlining the progress made and confirming that the Pegasus exploration has been successful.
Speaking to the media after the meeting, Letymbiotis explained: “This was a very significant meeting, during which ExxonMobil’s Vice President informed the President about the initial findings from the latest drilling at Pegasus. According to the preliminary data, combined with Glaucus, the natural gas reserves may reach 8–9 trillion cubic feet. These are very positive results and strong signals from ExxonMobil.”
The Spokesman added that President Christodoulides conveyed to Ardill both his satisfaction with the cooperation to date and his government’s message urging the fastest possible start of extraction, aiming primarily to reduce energy costs for Cypriot consumers.
“These are positive developments. We remain committed to implementing our energy strategy. The companies operating in the Cypriot EEZ—ExxonMobil among the first—are global giants. Their presence is a vote of confidence in the Cypriot EEZ,” Letymbiotis underlined.
When asked whether ExxonMobil explained how it would proceed with the utilization of these reserves, the Spokesman confirmed: “Yes, there was a very concrete discussion. In the coming period, we expect specific actions and timetables from the company regarding the implementation of the necessary steps to exploit the gas.”
He concluded by stressing that one of the government’s key objectives, repeatedly emphasized by the President, is to ensure that the energy plan is implemented within the agreed timelines.
Energy Minister George Papanastasiou welcomed the update as “very good news,” describing the volumes as “substantial” but cautioning that the figures refer to “gas in place”—the total resource within the reservoirs. The recoverable amount is expected to be smaller, though still considered commercially significant.
Papanastasiou said ExxonMobil and its partner QatarEnergy are now preparing a development and production plan, which must be approved by the Cypriot government. “They are currently working on their operational scenarios,” he explained, adding that consultations with the Ministry of Energy are ongoing to define commercialization options.
Meanwhile, progress is being made with other fields. The Aphrodite reservoir (Block 12), operated by Chevron, is advancing through its Front-End Engineering Design (FEED) study, while the Cronos field (Block 6), operated by Italy’s Eni and France’s TotalEnergies, is seen as the most mature project for near-term development. Located close to Egypt’s massive Zohr field, Cronos is expected to be connected via subsea pipeline to Egyptian infrastructure for rapid monetization. According to the minister, four to five related agreements are set to be signed with Egypt in the coming days.
Both Aphrodite and Cronos are moving toward exports to Egypt—either for liquefaction and onward shipments or for direct delivery to Egyptian terminals. Papanastasiou stressed that the government is monitoring developments on a weekly basis.
