ExxonMobil says natural gas from two undersea deposits off Cyprus could start flowing by 2033, with the company declarin...

ExxonMobil says natural gas from two undersea deposits off Cyprus could start flowing by 2033, with the company declaring both fields commercially viable after signing a deal with the Cypriot government this week. The fields, named Glaucus and Pegasus, sit in Block 10 of Cyprus' exclusive economic zone and together hold an estimated 7 trillion cubic feet of gas. ExxonMobil and its partner QatarEnergy see a pipeline to Egypt as the most practical route to market, where the gas would be liquefied and exported, likely to European buyers. John Ardill, ExxonMobil's Vice President of Global Exploration, said the strong coordination between the Cypriot and Egyptian governments gives the consortium confidence in the eastern Mediterranean energy hub model. He added that additional drilling at the Pegasus deposit is planned for later this year to gather key development data. Building onshore facilities in Cyprus or a floating platform above the deposits was ruled out for now on cost grounds. The consortium is also eyeing new exploration licenses on the southwestern corner of Cyprus' EEZ, adjacent to blocks where it already holds drilling rights. ExxonMobil and QatarEnergy are not alone in the region. Italy's Eni and France's TotalEnergies hold licenses covering deposits with a combined 5.6 trillion cubic feet of gas, and Eni's chief operating officer said earlier this year a final development decision on the Cronos field was close, with gas potentially reaching European markets by late 2027 or early 2028. A separate consortium of Chevron, Shell, and Israel's NewMed holds the oldest discovery, Aphrodite, which holds roughly another 5.6 trillion cubic feet. Cyprus has been positioning itself as a major energy source for Europe since its first offshore gas discovery in 2011. With multiple fields now moving toward commercial development, the island is edging closer to becoming a central node in Europe's post-Russia energy supply chain. #Cyprus #EasternMediterranean #EnergyNews