The agreement has just been signed at the Presidential Palace between the Republic of Cyprus, ExxonMobil, and QatarEnergy.

This essentially constitutes a declaration of marketability regarding the natural gas fields “Glafkos” and “Pegasus,” which solidifies the cooperation between the parties in Block 10 of the Cypriot EEZ.

“We discovered the ‘Glafkos’ field in 2019, the ‘Pegasus’ last year, and we are conducting exploratory drilling to understand the subsurface, which now allows us to move forward with sufficient confidence toward declaring commercial viability. This is a very important milestone.” ^{John Ardil, Vice President of ExxonMobil}

“The ‘Glafkos’ and ‘Pegasus’ discoveries are among the most significant successes of the Cypriot energy program. Today’s declaration that they are commercially viable marks the transition to the next phase of their development, paving the way for the exploitation of this valuable energy potential.” ^{Michalis Damianos, Minister of Energy}

“Today’s signing of the Declaration of Marketability for the ‘Glafkos’ and ‘Pegasus’ deposits is a milestone of strategic importance for the Republic of Cyprus and a decisive step forward in the implementation of our national energy strategy. It also represents a significant step toward establishing the Eastern Mediterranean as a reliable alternative energy corridor for Europe.” ^{Nicos Christodoulides, President of the Republic}

However, the vice president of ExxonMobil urged patience, as it will be several years before we see natural gas from the two fields.

“As I have said, 2033 will be the year in which natural gas is expected to begin flowing and energy security will be achieved.” ^{John Ardil, Vice President of ExxonMobil}

Until then, the government is turning its attention elsewhere.For example, regarding the long-troubled Block 12, the Minister of Energy revealed that just yesterday he had a meeting with Israeli officials regarding the dispute over the Isai field.

“We had a productive meeting yesterday at the Ministry here in Nicosia, where important commercial terms were agreed upon; some legal issues remain, so we are moving forward by resolving several of the outstanding matters; we hope to finalize this within the coming period.” ^{Michalis Damianos, Minister of Energy}

As for the Aphrodite field in general, the final investment decision is expected by 2027.

See the report by Giorgos Georgiadis