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Most Cypriots have heard about “Cyprus natural gas” for years, usually alongside big announcements, technical terms, and long timelines. Now, there is another step forward, but again, the benefits are still far from the kitchen table.
The Republic of Cyprus, ExxonMobil, and QatarEnergy have signed a Declaration of Commerciality for the “Glafkos” and “Pegasus” natural gas fields, officially confirming that the discoveries are worth developing.
In simple terms, this means the gas found in Cyprus’ exclusive economic zone is no longer just an exploration success; it is now considered commercially viable, moving the project into the next stage: development planning.
President Nikos Christodoulides called the agreement a “milestone of strategic importance,” saying it confirms Cyprus is strengthening its role on the regional energy map.
Energy Minister Michalis Damianos said the deal sends a strong message of confidence in Cyprus as an energy partner and in the wider Eastern Mediterranean as an emerging energy hub.
But while the headlines sound promising, the reality remains a long-term project.
According to ExxonMobil, the next steps include additional seismic analysis, further drilling, and detailed engineering work before a final investment decision is expected around 2029. If everything moves as planned, production could begin in 2033.
That means any real impact on energy prices or domestic supply is still nearly a decade away.
Speaking at the signing ceremony, ExxonMobil executives said the process marks the shift from exploration to development, a major technical and financial leap that requires years of preparation.
The company also confirmed plans for further drilling later this year as part of ongoing appraisal work on the Pegasus field, while additional exploration is being considered in other licensed blocks.
Officials described the deal as another boost for Cyprus’ ambitions to position itself as a regional energy hub, linking potential exports to European energy security and cooperation with neighboring countries such as Egypt.
The government also said discussions with international partners are progressing on other fields, including Aphrodite, as Cyprus continues to build out its broader energy strategy.
