Pegasus’ gas find declared commercially viable, minister says

Energy Minister Michalis Damianos on Friday confirmed the commercial viability of the ‘Pegasus’ deposit in block 10, a newly discovered offshore gas field.

Speaking at a press conference, Damianos said a consortium of ExxonMobil and QatarEnergy submitted a declaration of commerciality for both the ‘Pegasus’ and ‘Glaucus’ fields on March 30, marking what he described as a “significant milestone” towards their exploitation.

“The declaration of commerciality essentially means that the two ExxonMobil discoveries in block 10, totalling around 7 trillion cubic feet, are now commercially viable,” he said.

The ‘Pegasus’ field was identified in 2025, adding to Cyprus’ growing hydrocarbons potential.

According to the minister, the consortium is expected to move ahead within the next year with submitting a development plan, paving the way for a final investment decision in the coming years.

If timelines are met, the fields could be brought into production after 2030, with 2033 seen as a possible milestone.

“It is an important milestone, as these two fields are added to the already commercial discoveries of ‘Aphrodite’ and ‘Kronos’,” Damianos said.

He also pointed to progress on the ‘Aphrodite’ field, where a revised development and production plan has been approved, while the pre-FEED stage has been completed – a key step towards commercialisation.

The developments form part of broader efforts to advance Cyprus’ offshore gas resources and position the country as an energy player in the region.