ExxonMobil

International Oil Company

United States • XOM

Website

Active Blocks

Discoveries

Reserves (Est.)

7.2-8.7

tcf

Type

International Oil Company

About

One of the world's largest publicly traded oil and gas companies. Operator (60%) of Block 10 with QatarEnergy, home to the Glaucus (2019) and Pegasus (2025) discoveries — an estimated 7–9 tcf declared a commercial discovery in June 2026. Also holds Block 5, where the Elektra-1 well found non-commercial gas in 2025.

Deep Dive

ExxonMobil & Glaucus

Block 5 and Block 10 exploration outlook

Frequently Asked Questions

What has ExxonMobil discovered in Cyprus?

ExxonMobil, with partner QatarEnergy, made two gas discoveries in Block 10 of the Cyprus EEZ: Glaucus (2019) and Pegasus (March 2025), together estimated at 7–9 tcf — the largest resource concentration in Cypriot waters. A Declaration of Commercial Discovery was signed on 30 June 2026, with appraisal drilling from late 2026 and production targeted near 2033.

Active Blocks

Gas Discoveries

Glaucus

Discovered 2019 • Operator

7-9 (with Pegasus)

tcf

Pegasus

Discovered 2025 • Operator

7-9 (with Glaucus)

tcf

Partner Companies

Qatar Energy

Qatar

2 blocks

ExxonMobil in the News

Offshore Energy • Aug 20

$1.1 billion in pre-investment contracts awarded for Mozambique’s LNG project

ExxonMobil has, on behalf of its partners, awarded $1.1 billion in pre-investment contracts for […] The post $1.1 billion in pre-investment contracts awarded for Mozambique’s LNG project appeared first on Offshore Energy.

Rigzone • Aug 18

ExxonMobil Awards $1.1B Contracts for Mozambique LNG Project

ExxonMobil and its Area 4 partners issued around $1.1 billion in engineering, procurement and manufacturing contracts for the pre-FID 18.6-MMtpa Rovuma LNG project in Cabo Delgado.

Offshore Technology • Aug 18

ExxonMobil awards $1.1bn pre-FID contracts for Rovuma LNG phase one

ExxonMobil Moçambique has awarded around $1.1bn in pre-investment contracts for Phase 1 of the Rovuma LNG project located in Cabo Delgado, Mozambique.

OilPrice • Jul 7

Big Oil's Windfall Earnings Threaten to Reignite Trump's Price-Gouging Push

Chevron and Exxon are expected to report their best quarter since 2022 this month, as the war that the United States and Israel started against Iran on February 28 drove much tighter oil and gas supply. This could be a problem for President Trump who has already slammed Big Oil for keeping prices at

OilPrice • Jul 6

Big Oil Heads for Record Profits as Trump Turns Up the Heat on Gas Prices

The oil majors are set for windfall earnings for the second quarter, which saw crude oil prices jump to a four-year high due to the closure of the Strait of Hormuz. The earnings at both ExxonMobil and Chevron are expected to have tripled in the April to June quarter compared to the first quarter, as

OilPrice.com • Jul 6

Shell And ExxonMobil Are Betting Billions On Nigeria's Deepwater Comeback

Nigeria is trying to rebuild its energy industry from the ground up, not only trying to recover lost crude production, but working to turn itself into Africa’s dominant refining, gas, capital markets and energy export hub. The clearest test is the Dangote Refinery. The 650,000-barrel-per-day plan...

Cyprus Mail • Jul 5

ExxonMobil’s East Med strategy enters a new phase

The Commerciality Declaration for Cyprus’ Glaucus and Pegasus gas discoveries made this week marks an important milestone – not only for the island, but also for ExxonMobil’s wider Eastern Mediterranean strategy. After almost eight years of exploration, the company has formally moved from proving...

Cyprus Mail • Jul 5

Our View: Time for government to put politics aside and ensure energy supply

Top executives of ExxonMobil and QatarEnergy were at the presidential palace on Tuesday for the signing of a joint declaration with the government that gave the status of ‘marketable’ to two gas fields in Cyprus’ EEZ. Although this does not mean the gas fields would ever be developed, President N...

In-Cyprus • Jul 3

The landscape is changing in Cyprus’ exclusive economic zone

The Republic of Cyprus, ExxonMobil and QatarEnergy recently signed a tradability statement for the Glaucus and Pegasus gas fields. This marks a significant step forward in Cyprus’ energy programme. It is clear evidence — a vote of confidence — in the prospects of Cyprus’ exclusive economic zone, ...

Offshore Energy • Jul 3

ExxonMobil passes the baton for Australian oil & gas asset to Woodside

Australia’s oil and gas giant Woodside Energy has taken over the operator helm from the Australian subsidiary of U.S.-headquartered energy major ExxonMobil for assets situated off Victoria’s Gippsland coast. The post ExxonMobil passes the baton for Australian oil & gas asset to Woodside appeared fir

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