Track offshore gas discoveries in the Cyprus EEZ — from Aphrodite and Glaucus to Cronos and Calypso. Operator activity, block licensing data, and development outlook in one place.
Updated July 2026 | Sources: MECI, EGAS
AI-analyzed from 15+ verified sources
Global crude prices have surged as financial traders aggressively increase their long positions in response to escalating military tensions in the Middle East, particularly involving Iran. This shift
Block 10 (Glaucus–Pegasus) declared commercial in June, and Egypt signed on to buy all of Aphrodite's output in April. Final investment decisions on Aphrodite and Cronos remain the year's key milestones.
Key facts about Cyprus offshore gas exploration and development.
Cyprus has estimated natural gas reserves of roughly 17–18 trillion cubic feet (tcf) across 6 offshore discoveries in its Exclusive Economic Zone (EEZ), according to the government's post-Pegasus figure (September 2025). The largest resource is the combined Glaucus–Pegasus complex in Block 10 (~7–9 tcf, declared commercial in June 2026), followed by Aphrodite (~2.9–3.7 tcf contingent resources, Block 12) and Cronos (3.1 tcf gas-in-place, Block 6).
Four major international oil companies (IOCs) operate exploration licenses in Cyprus: ExxonMobil (Blocks 5, 10), ENI (Blocks 6, 8), TotalEnergies (Block 7) and Chevron (Block 12). Shell, QatarEnergy and NewMed Energy hold non-operating partnership stakes. Blocks 2, 3 and 9 were relinquished in January 2025 when the Eni–KOGAS exploration term expired.
Cronos (Block 6) is furthest along: its development plan was approved in May 2026 for export via Egypt's Damietta LNG plant at ~5 bcm/yr, with FID imminent and first gas targeted for 2028. Aphrodite's FID is targeted for late 2026–2027 after Egypt initialed a 15-year deal for its entire output via a new pipeline to Port Said — first gas around 2030–31. Block 10 (Glaucus and Pegasus) was declared commercial on 30 June 2026, with FID anticipated around 2029 and production around 2033.
The Cyprus Exclusive Economic Zone is divided into 13 exploration blocks covering approximately 51,000 km² of offshore territory south of the island. As of mid-2026, 7 blocks are licensed to international operators (Blocks 5, 6, 7, 8, 10, 11, 12) after Blocks 2, 3 and 9 were relinquished in January 2025.
Aphrodite is Cyprus' first major offshore gas discovery, found in Block 12 in 2011 by Noble Energy (now Chevron). The February 2026 NSAI report puts contingent resources at ~2.9 tcf for the sanctioned first phase (~3.7 tcf total). It is operated by Chevron in partnership with Shell and NewMed Energy. In April 2026 Egypt initialed a 15-year term sheet for the field's entire output, making Aphrodite central to Cyprus' gas export strategy.
Get weekly insights on Cyprus and Eastern Mediterranean energy developments delivered to your inbox.
Thanks for subscribing!
Something went wrong. Please try again.
Learn more about the newsletter or browse past issues.