Natural gas MNC Exxon Mobil has confirmed a sizeable quantity of natural gas reserve near the Cypriot coast.
The media in Cyprus has reported that the specific site of the reserves is somewhere between eight and nine trillion cubic feet. They said that they to the information at a meeting between the Cypriot President and the Supermajor. More precisely, the reserves, called ‘Pegasus’ is alongside the ‘Glafkos’ reserves.
Konstantinos Letympiotis, a spokesperson for the Cypriot government called the discovery a highly positive indication of the future Cyprus and for ExxonMobil as well.
According to a report by the Greek City Times, Exxon has been working with QatarEnergy to try and find more natural gas reserves. The first of such discoveries was made in 2019, which made the prospect of finding more promising.
In early-2025, a large-scale drilling expedition in an offshore block turned out to be a dud – while gas was found, the quantity for far too short for any kind of development to happen.
At the time, it has raised concerns if there actually was any potential for finding true resources in and around the southern coast of Cyprus (if not the nation itself).
However, not much later a second reserve was found in the same Block 10, putting doubts to rest and leading to two major sources for commercial work.
Cyprus has been taking advantage of the situation to propel its status as a hub for natural gas export, with Block 10 being a major stepping stone in the process. Potential development plans may include creating a subsea tieback to the Egyptian liquefaction plants in Damietta or Idku, which might help create a more updated export route for Europe as well as Asia.
That said, the matters pertaining development in the deep waters and recent developments are quite complex – which means that it will take time before concrete plans come into the picture.
https://oilprice.com/Latest-Energy-News/World-News/Exxon-Confirms-Significant-Reserves-at-Cyprus-Gas-Discovery.html
