On March 30, 2026, the ExxonMobil – QatarEnergy consortium made a declaration of marketability for the "Glafkos" and "Pegasus" deposits in Block 10, according to the Minister of Energy, Commerce and Industry Michalis Damianos, who described the development as a decisive step towards their commercial exploitation.
As the minister stated yesterday Friday, in the context of a press conference on the 2025 report and the 2026 targets, the consortium sent a relevant letter to the Ministry of Energy, Trade and Industry, confirming that the two deposits can now proceed to the next phase of exploitation.
Mr. Damianos stated that the marketability essentially means that the two ExxonMobil deposits in Block 10, with a total size of about 7 tcf, are now considered exploitable.
He added that within the next year the consortium should proceed with the submission of a development plan, so that in the coming years the final investment decision will follow and two more deposits will be added that can be exploited after 2030.
According to the minister, a possible milestone for the exploitation of the two deposits is 2033.
Michalis Damianos reminded that the "Glafkos" and "Pegasus" deposits are now added to the already tradable "Aphrodite" and "Kronos" reserves. According to him, this development further strengthens the energy portfolio of the Republic of Cyprus and is part of the wider planning to promote the commercial exploitation of Cypriot natural gas deposits in the coming years.
What happened in 2025
Regarding the activities of 2025 by his ministry, Mr. Damianos said that the discovery of the "Pegasus" reserve in Block 10 was recorded, while the revised Development and Production Plan for the "Aphrodite" reserve was approved.
At the same time, the preliminary detailed design (pre-FEED) stage, which is considered critical for the commercial exploitation of the deposit, has been completed.
Important developments were also recorded for Block 6 and the "Kronos" reserve, with agreements between Cyprus, Egypt and licensees, as well as with the signing of a Memorandum of Understanding for "Aphrodite".
For 2026, Mr. Damianou said that developments are accelerating further. On March 30, in the context of the EGYPES exhibition in Cairo, agreements of strategic importance were signed between Cyprus and Egypt for the "Aphrodite" and "Kronos" fields, while the consortium ExxonMobil and QatarEnergy submitted a Marketability Statement for the "Glafkos" and "Pegasus" fields.
In addition, an agreement was reached on the key terms of the Natural Gas Sale Agreement for "Aphrodite", including the sale price, paving the way for a Final Investment Decision. The goals for 2026 include the approval of the Development and Production Plan for "Saturn", the adoption of investment decisions by companies, the signing of an interstate agreement with Israel for "Aphrodite" and the completion of the FEED stage.
