The ExxonMobil-QatarEnergy consortium has officially declared the Glaucus and Pegasus gas fields in Block 10 commercially viable, Energy Minister Michalis Damianos announced on Friday. The decision paves the way for development of an estimated seven trillion cubic feet (tcf) of natural gas. With this step, Cyprus now has four commercial discoveries in its Exclusive Economic Zone: Aphrodite, Cronos, Glaucus and Pegasus. However, the timeline for extraction remains uncertain.
Speaking during the presentation of the ministry’s 2025 review and 2026 objectives, Damianos described the commerciality declaration for Glaucus and Pegasus as “significant”. According to the project plan, the consortium must submit a development plan next year, to be followed by a final investment decision. If timelines hold, Glaucus and Pegasus could enter production after 2030, with 2033 considered a likely target date.
Damianos also expressed optimism about the two other fields. Regarding Aphrodite, he said work is moving ahead based on the agreements signed in Egypt on 30 March during the EGYPES conference in Cairo, with a final investment decision expected by early 2027. Gas exports to Egypt could begin four to five years after that decision.
For the Cronos field, negotiations with Eni and TotalEnergies are at an advanced stage, with the aim of reaching a final investment decision soon. This would allow gas production to begin in late 2027 or early 2028. The goal is to approve the Cronos development plan within 2026 and to move ahead with investment decisions alongside the signing of an intergovernmental agreement with Israel for Aphrodite.
Vasilikos delays and gas arrival
On the entry of natural gas into Cyprus’s energy mix and the stalled Vasilikos project, Damianos attributed delays to political decisions of the past. He said a proposal dating back to 2007 for a gas reception terminal stalled because of political disagreements between AKEL and DISY.
He added that the Vasilikos project, which effectively started in 2018-2019, is now in arbitration in London with the Chinese consortium involved, contributing to further delays.
Damianos called the arrival of natural gas “the only way forward” for reducing electricity costs, warning that every delay also delays the benefits for consumers. He said the political decisions have already been taken, and the remaining issues are mainly technical and procedural.
He also noted ongoing discussions with the United Arab Emirates and ADNOC, which could accelerate completion of the Vasilikos works.