Cyprus's Natural Gas Discoveries Bolster Region's Energy Potential

A consortium led by ExxonMobil, in partnership with Qatar Energy International, has made a second natural gas discovery in the eastern Mediterranean, approximately 190 kilometers south of Cyprus. This find, along with six other discoveries in Cyprus's exclusive economic zone, underscores the region's potential as an energy exporter and could help Europe diversify its energy supply, reducing dependence on Russian hydrocarbons. The discoveries are also a step forward for a budding energy partnership between Cyprus, Greece, and Israel.

Key Takeaways:

• The ExxonMobil-Qatar Energy consortium has made a second natural gas discovery in the eastern Mediterranean, located 190 kilometers south of Cyprus.
• The Pegasus-1 well, discovered at a depth of 6,302 feet of water, is the sixth natural gas deposit found inside Cyprus's economic zone in the last 14 years.
• The consortium holds exploration licenses for two areas – Block 10 and Block 3 – and has already discovered the Glaucus-1 well, estimated to contain 3.7 trillion cubic feet of gas.
• Other deposits include the Zeus, Cronos, and Calypso wells, which hold an estimated 2.5 trillion, 3.1 trillion, and unknown amounts of gas, respectively.
• Agreements with Egypt foresee gas from the fields being sent to Egypt via a pipeline for either domestic use or export to Europe and other markets.
• Cyprus and neighboring countries could partner to jointly develop their gas deposits, strengthening regional cooperation and energy independence.

Statistics:

• 6: The total number of natural gas deposits discovered inside Cyprus's economic zone in the last 14 years.
• 190 km: The distance from Cyprus to the Pegasus-1 well location.
• 6,302 feet: The depth of the Pegasus-1 well.
• 3.7 trillion cubic feet: The estimated amount of gas in the Glaucus-1 well.
• 3.1 trillion cubic feet: The estimated amount of gas in the Cronos well.
• 2.5 trillion cubic feet: The estimated amount of gas in the Zeus well.
• 5.6 trillion cubic feet: The estimated amount of gas in the Aphrodite field.
• 4: The number of exploration licenses held by the Eni-Total consortium.
• 2: The number of areas where the ExxonMobil-Qatar Energy consortium holds exploration licenses.

Sources:

• (The Associated Press, 2025)
• John Sitilides, Senior Fellow, Foreign Policy Research Institute and Geopolitical Strategist, Trilogy Advisors
• Konstantinos Letymbiotis, Cypriot Government Spokesman
• George Panastasiou, Cyprus's Energy Minister