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 was declared commercial on 30 June 2026, with FID anticipated around 2029 and production around 2033. No document states a combined figure for the two fields; what has been published is set out below, with each source.
Updated October 2026 · Sources: ExxonMobil, Glaucus-1 discovery releaseprimary, MECI, 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
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 contains two fields. No party has published a figure for the two together: every figure on record covers a different scope, and they do not agree. Each is below with its source and its basis.
- 3.7 TcfGas in placeDocument2022Glaucus alone, the ministry’s best estimate after the Glaucus-2 appraisal wellStated in Cyprus MECI Hydrocarbons Serviceprimary
- 5–8 tcfGas in placeDocument2019-02-28Glaucus-1 alone, on preliminary interpretation of the well data, before any appraisal wellStated in ExxonMobil, Glaucus-1 discovery releaseprimary
- ~7 tcfAs reportedRelayed remark2026-04-03Glaucus and Pegasus combinedRelayed by Cyprus energy minister Michalis Damianos, press conference — Cyprus Mail
- 8–9 tcfAs reportedRelayed remark2025-09-25Glaucus and Pegasus combined. The report says "ExxonMobil officials told President Nikos Christodoulides" that the blocks "may contain as much as 8-9 trillion cubic feet", and names vice president John Ardill as heading the delegation — so the figure is the company’s and attributing the sentence to him personally would be an inferenceRelayed by ExxonMobil, to the President of Cyprus in New York — relayed by the President and the energy minister, via the Cyprus Mail
Note: Because no document states a figure for the two fields together, Block 10's share of the national 17–18 tcf estimate cannot be computed. The ministry's own written estimate, for Glaucus alone, is 3.7 tcf gas-in-place.
Updated October 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
ExxonMobil in the News
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