QatarEnergy has signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, in partnership with ExxonMobil and the Government of Cyprus, according to a press release by QatarEnergy.
Notably, QatarEnergy holds a 40% stake in Block 10, while ExxonMobil operates the block with a 60% interest.
The declaration, signed in Nicosia, marks a key milestone toward advancing the development of Cyprus’ offshore natural gas resources and progressing Block 10 to its next phase.
The agreement underscores the strong cooperation between the parties and their shared commitment to long-term strategic collaboration, covering both the development of Block 10 and potential future opportunities.
Under the declaration, the partners will work jointly to advance regulatory approvals, engagement with authorities, and development and production planning activities required for the project.
In parallel, QatarEnergy and ExxonMobil reaffirmed their commitment to continued alignment and cooperation on Block 10, as well as on broader regional opportunities.
QatarEnergy and ExxonMobil have been partners in Cyprus’ offshore sector since 2017, when they were awarded exploration rights for Block 10. The consortium announced the Glaucus gas discovery in 2019 and has since carried out appraisal activities, while expanding cooperation through additional exploration agreements.
In 2026, the partners also signed an agreement with Egypt and Cyprus to study development and commercialization options for Cypriot gas, leveraging Egypt’s liquefied natural gas (LNG) infrastructure.
