NICOSIA, July 7, 2025 — A joint venture comprising ExxonMobil and Qatar Energy International has uncovered a second significant natural gas deposit in Cyprus’s offshore Block 10, the Cypriot government announced today.
Officials revealed that drilling at the Pegasus‑1 well, situated approximately 190 kilometers southwest of Cyprus in water depths of around 1,921 meters, has confirmed a gas-bearing reservoir extending some 350 meters beneath the seabed. While the exact volume of recoverable gas has not yet been quantified, further assessments are underway to determine commercial viability. This discovery follows the earlier Glaucus‑1 find in 2019—estimated to contain 3.7 trillion cubic feet of gas—and its successful appraisal well, Glaucus‑2, in 2022.
This marks the sixth confirmed gas field within Cyprus’s Exclusive Economic Zone over the past 14 years, joining finds such as Zeus, Cronos, Calypso, and Aphrodite—the latter estimated at 5.6 trillion cubic feet.
