Cyprus signs agreement with ExxonMobil and QatarEnergy on commercial development of gas fields

The Republic of Cyprus, ExxonMobil and QatarEnergy have signed a declaration on the commercial viability of the Glaucus and Pegasus natural gas fields, as well as a separate document on continuing their cooperation, Euronews reported.

Cypriot President Nikos Christodoulides described the signing of the documents as an event of major strategic importance. Cyprus Energy Minister Michalis Damianos, for his part, said the move further strengthens the country’s position in the regional energy sector and gives new momentum to the Eastern Mediterranean’s growing role as an emerging energy hub.

Earlier, Christodoulides received a delegation from ExxonMobil and QatarEnergy at the Presidential Palace.

Welcoming the delegation, the president said: “The fact that ExxonMobil and QatarEnergy are operating in our exclusive economic zone is an extremely significant development. I would like to publicly commend your work, your professionalism and your leadership in the energy sector. We are very pleased and excited to cooperate with you.”

 ExxonMobil Vice President John Ardill said the company has come a long way since 2017, stressing that positive results should never be taken for granted from the outset.

“In this case, two gas fields have been discovered, which is excellent news for Cyprus,” he said, adding that the next challenge is to develop them and noting that the project has been highly successful for all parties involved.

“The final investment decision is expected in 2029, following the completion of studies and preparatory work. Market launch and production are scheduled for 2033,” Ardill said.