Energy giants ExxonMobil and Qatar Energy International have made a second major natural gas discovery off the southern coast of Cyprus, the Cypriot government announced Monday — a promising development for the region’s growing role in global energy markets.
The latest find was made at the Pegasus-1 well, located approximately 190 kilometers (118 miles) southwest of Cyprus in 1,921 meters (6,302 feet) of water. Though the amount of gas discovered was not disclosed, authorities confirmed that additional assessments would be carried out over the coming months to fully evaluate the deposit.
This marks the second discovery by the ExxonMobil-Qatar Energy consortium in the same area, known as Block 10, where the Glaucus-1 well was found in 2019. Cypriot officials estimate Glaucus-1 holds 3.7 trillion cubic feet of gas.
The announcement was made after ExxonMobil Vice President John Ardill briefed Cypriot President Nikos Christodoulides via teleconference, according to a written statement from government spokesman Konstantinos Letymbiotis.
The discovery adds to the mounting potential of the Eastern Mediterranean as a strategic energy supplier — especially amid Europe’s efforts to reduce reliance on Russian hydrocarbons.
“New natural gas discoveries in the eastern Mediterranean could help Europe lessen its dependence on Russian hydrocarbons by diversifying its energy supply and help buttress a budding energy partnership between Cyprus, Greece and Israel,” said John Sitilides, senior fellow at the Foreign Policy Research Institute and geopolitical strategist at Trilogy Advisors in Washington.
“Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe’s hopeful re-industrialization,” Sitilides added.
The Pegasus-1 find is the sixth natural gas deposit uncovered within Cyprus’ exclusive economic zone (EEZ) in the past 14 years. Other discoveries include the Zeus, Cronos, and Calypso wells, all situated in Block 6, operated by a consortium of Italy’s Eni and France’s Total. Cronos is estimated to contain 3.1 trillion cubic feet of gas, and Zeus around 2.5 trillion cubic feet, while Calypso is still under evaluation.
The Eni-Total group currently holds exploration licenses for four blocks within the Cypriot EEZ.
The earliest major find in the area, the Aphrodite field in Block 12, is believed to hold approximately 5.6 trillion cubic feet of gas. That field is operated by a consortium including Chevron, NewMed Energy, and Shell.
Under agreements with Egypt, gas from both the Cronos and Aphrodite fields is slated to be piped to Egypt for domestic use or liquefaction and export to Europe and beyond.
Cyprus’ Energy Minister George Panastasiou also noted the potential for collaboration between the three major players — ExxonMobil, Eni, and Total — to jointly develop their adjacent discoveries, enhancing the region’s strategic position in global energy supply.
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