Block 10 reached a major milestone after QatarEnergy signed a commercial discovery declaration for the Glaucus and Pegasus offshore gas fields in Cyprus. Furthermore, the agreement strengthens regional energy cooperation and supports the next phase of offshore resource development. The announcement highlights the growing importance of Block 10 for future energy production in the Eastern Mediterranean.
The declaration was signed in Nicosia with representatives from QatarEnergy, the Government of Cyprus, and ExxonMobil. The agreement marks an important step toward developing the offshore gas fields. Additionally, it reflects the commitment of all parties to maintain long-term cooperation.
The partners also signed a collaboration statement alongside the commercial discovery declaration. Therefore, they plan to strengthen their relationship while expanding opportunities beyond the current project. The agreement creates a framework for future cooperation across several energy initiatives.
The Glaucus and Pegasus fields remain among the most significant discoveries within the offshore exploration area. Consequently, the partners will continue preparing the resources for future production. They also aim to maximize the value of the natural gas reserves.
Under the agreement, the partners will work together on regulatory approvals and technical planning. They will also coordinate development activities for the next phase of the project. These efforts will help move the offshore fields closer to commercial production.
In addition, the companies will prepare detailed production plans for the development process. Strong coordination between industry and government will support efficient project execution. As a result, the development process can move forward with greater confidence.
Qatar’s Minister of State for Energy Affairs and QatarEnergy President and Chief Executive Officer, Saad Sherida Al Kaabi, welcomed the agreement. He described the declaration as an important milestone for offshore energy development in Cyprus.
He also said the agreement strengthens energy cooperation across the Eastern Mediterranean region. Moreover, he thanked the Government of Cyprus and ExxonMobil for their continued partnership throughout the project.
Al Kaabi added that QatarEnergy looks forward to continuing work on future Block 10 activities. He noted that strong cooperation remains essential for achieving long-term project goals. Furthermore, he emphasized the importance of maintaining close coordination among all partners.
Meanwhile, QatarEnergy and ExxonMobil reaffirmed their commitment to working together throughout the project. Both companies also expressed interest in exploring additional opportunities beyond the current development. Their continued partnership supports long-term growth across the regional energy sector.
The collaboration extends beyond technical planning and project management. It also focuses on building stronger strategic relationships for future investments. Consequently, the agreement provides a solid foundation for additional energy cooperation.
Cyprus continues to develop its offshore energy resources as interest in the Eastern Mediterranean grows. Several discoveries have increased the region’s importance within global energy markets. Therefore, governments and energy companies continue investing in exploration and production projects.
The latest declaration supports those broader ambitions while encouraging continued investment. It also demonstrates confidence in the long-term potential of offshore gas development. In addition, the agreement reinforces cooperation between governments and major international energy companies.
As development planning continues, the partners will focus on approvals, engineering work, and production preparation. These activities will shape the project’s next stage over the coming years. Successful execution could strengthen regional energy supplies and support future economic growth.
Block 10 remains central to Cyprus’ offshore energy strategy and regional cooperation efforts. The latest agreement reinforces long-term collaboration between QatarEnergy, Cyprus, and ExxonMobil. Ultimately, Block 10 will play a key role in advancing offshore gas development and expanding future energy opportunities.
