ExxonMobil Glaucus & Pegasus
Block 10 Commercial Discovery
Discovered in February 2019, Glaucus anchors Cyprus's largest gas resource. Together with the July 2025 Pegasus discovery, Block 10 holds an estimated 7-9 tcf — declared commercial on 30 June 2026, with FID anticipated around 2029 and production around 2033.
Updated July 2026 · Sources: MECI, ExxonMobil, press reports
Why Glaucus Matters
For Cyprus
- ✓ Largest single discovery - validates Cyprus as major gas province
- ✓ Could justify standalone LNG project
- ✓ Largest confirmed resource base for future export projects
- ✓ $10-20B+ in government revenues over field life
For ExxonMobil
- ✓ Major addition to global LNG portfolio
- ✓ Strategic position in Eastern Mediterranean
- ✓ Synergies with QatarEnergy partnership
- ✓ Consortium interested in adjacent Blocks 4 and "10A", starting with seismic reprocessing
Resource Estimates
With the Pegasus discovery of July 2025, Block 10 now contains two fields. The combined operator estimate of 7-9 tcf was cited by the Cypriot government in September 2025 and underpinned the June 2026 commerciality declaration.
Note: At 7-9 tcf, Glaucus and Pegasus together account for roughly half of Cyprus's total discovered resources (17-18 tcf across six fields).
Updated July 2026 · Sources: MECI, ExxonMobil, government statements
Development Options
The development concept for Glaucus and Pegasus has not yet been decided. Three options are under study ahead of an FID anticipated around 2029:
Egyptian LNG
Export via existing Egyptian liquefaction infrastructure, following the route chosen by Aphrodite and Cronos.
Vasilikos
Processing or liquefaction at Cyprus's Vasilikos energy hub.
Standalone FLNG
Dedicated floating LNG for Block 10, possibly with future nearby discoveries.
Glaucus Timeline
Partnership Structure
The ExxonMobil-QatarEnergy partnership brings deep LNG expertise. Qatar is the world's largest LNG exporter, while ExxonMobil has extensive global LNG development experience.
What's Next for Glaucus
- 2026-28 Development concept selection (Egyptian LNG, Vasilikos or FLNG) and engineering studies
- 2026+ Seismic reprocessing over adjacent Blocks 4 and "10A" acreage of interest
- ~2029 FID anticipated
- ~2033 Production targeted
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