Reserves Comparison
Overview
Discovered by ExxonMobil and QatarEnergy in Block 10, announced 7 July 2025 (drilled by the Valaris DS-9, ~350 m gas column, 1,921 m water depth). Not yet officially quantified on its own (unofficially ~5 tcf of the combined 7–9 tcf with Glaucus); both fields were declared a commercial discovery on 30 June 2026. An appraisal rig is under contract with delivery expected around December 2026, and appraisal drilling is the critical path to FEED.
Development Status
Field development plan approved, infrastructure under construction.
Ownership
Project Timeline
Export Route
Developed jointly with Glaucus as the Block 10 hub (est. 7–9 tcf combined); export concept to be fixed at FID, with LNG the leading option.
Frequently Asked Questions
What did ExxonMobil discover in Cyprus?
ExxonMobil made two gas discoveries in Block 10 of the Cyprus EEZ: Glaucus (2019) and Pegasus (March 2025). Together they are estimated at 7–9 tcf. On 30 June 2026 Cyprus, ExxonMobil and QatarEnergy signed a Declaration of Commercial Discovery moving both fields into development, with appraisal drilling from late 2026 and production targeted near 2033.
When will Pegasus be developed?
Appraisal drilling starts in late 2026, the final investment decision is anticipated around 2029, and production is targeted near 2033 as part of the joint Glaucus–Pegasus Block 10 hub.
Wells
Consortium
Other Discoveries in Block 10
Located in
Technical Data
- Discovery
- 2025
- Water Depth
- 1,921m
- Reserves (Low)
- 4 tcf
- Reserves (High)
- 5 tcf
- Coordinates
- 33.44°N, 31.65°E
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Key Events
Cyprus, ExxonMobil and QatarEnergy sign a Declaration of Commercial Discovery for the Glaucus and Pegasus fields (Block...
infrastructureExxonMobil and QatarEnergy announce the Pegasus-1 discovery in Block 10, drilled by the Valaris DS-9. Together with the...
discovery