The Republic of Cyprus, ExxonMobil, and QatarEnergy have signed a commerciality declaration for the Glaucus and Pegasus natural gas fields, marking a strategic milestone for Cyprus's Exclusive Economic Zone (EEZ). The declaration follows a meeting between President Nikos Christodoulides and representatives from both energy companies, underscoring confidence in the potential of Cyprus's energy resources.

ExxonMobil anticipates the final investment decision for these fields will be made by 2029, with production starting in 2033. The companies also highlighted ongoing exploration plans in Blocks 4 and 10A, including seismic data reprocessing and future drilling activities. Cypriot Energy Minister Michalis Damianou emphasized the move strengthens Cyprus's position as a regional energy hub and supports the development of the Eastern Mediterranean as an emerging energy corridor.

President Christodoulides called the day a new phase for Cyprus’s gas resource development, expressing optimism about future announcements and collaboration. The partnership reflects Cyprus’s growing role as a reliable energy partner and aims to enhance energy security and economic opportunities for the island and the wider region.