ExxonMobil and partner Qatar Energy find new natural gas deposit off
Cyprus
[July 08, 2025] NICOSIA,
Cyprus (AP) — A consortium made up of ExxonMobil and partner Qatar
Energy International has made a second natural gas discovery beneath the
seabed south of Cyprus, the government said Monday, a find that bolsters
the region’s potential as an energy exporter.
New natural gas discoveries in the eastern Mediterranean could help
Europe lessen its dependence on Russian hydrocarbons by diversifying its
energy supply and help buttress a budding energy partnership between
Cyprus, Greece and Israel, said John Sitilides, a senior fellow at the
Foreign Policy Research Institute and geopolitical strategist at Trilogy
Advisors in Washington.
“Washington and Brussels would be wise to support this hydrocarbon
network to develop a greater measure of critical energy independence for
Europe’s hopeful re-industrialization,” Sitilides said.
Cypriot government spokesman Konstantinos Letymbiotis said in a written
statement that the ExxonMobil's vice president, John Ardill, briefed
Cypriot President Nikos Christodoulides about the discovery at the
Pegasus-1 well during a teleconference.
The well was discovered about 190 kilometers (118 miles) southwest of
Cyprus at a depth of 1,921 meters (6,302 feet) of water. No estimates of
the quantity of natural gas were given. The statement said more
assessments will be conducted in the coming months to evaluate the
results.
The ExxonMobil-Qatar Energy consortium holds exploration licenses for
two areas — or blocks — inside Cyprus’ exclusive economic zone. In 2019,
the consortium discovered the Glaucus-1 well inside the same Block 10
where the Pegasus-1 well is located. Cypriot authorities say Glaucus-1
is estimated to contain 3.7 trillion cubic feet of gas.
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Cypriot President Nikos Christodoulides speaks with the media as he
arrives for an EU summit at the European Council building in
Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
 Overall, Pegasus-1 is the sixth
natural gas deposit to be discovered inside Cyprus’ economic zone in
the last 14 years. Other deposits include the Zeus, Cronos and
Calypso wells, which lie inside Block 6 that is operated by a
consortium made up of Italy’s Eni and Total of France. Cronos is
estimated to hold 3.1 trillion cubic feet of gas and Zeus 2.5
trillion cubic feet. Calypso is still being evaluated.
The Eni-Total consortium holds exploration licenses for four blocks.
The earliest field to be discovered, Aphrodite, is estimated to hold
5.6 trillion cubic feet of gas. The field is inside Block 12, which
is operated by a consortium made up of Chevron, NewMed Energy and
Shell.
Agreements with Egypt foresee gas from the Cronos and Aphrodite
fields to be sent to Egypt via a pipeline for either domestic use or
to be processed at Egyptian facilities for export to Europe and
other markets.
Cyprus’ Energy Minister George Panastasiou also said that
ExxonMobil, Eni and Total could partner up to jointly develop their
gas deposits found in close proximity to each other.
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