Key facts
- ExxonMobil and QatarEnergy have declared two natural gas discoveries off Cyprus as commercially viable.
- The natural gas discoveries are named Glaucus and Pegasus.
- Gas production is projected to begin by 2033.
- The plan involves transporting gas via pipeline to Egypt.
- In Egypt, the gas will be liquefied for export.
- The information was shared by ExxonMobil's VP of Global Exploration.
ExxonMobil and QatarEnergy have officially declared two natural gas discoveries located off the coast of Cyprus, named Glaucus and Pegasus, as commercially viable. The companies are now projecting that natural gas production from these fields could begin as early as 2033. A key aspect of the development plan involves transporting the extracted gas through a pipeline to Egypt. Once in Egypt, the natural gas would undergo liquefaction processes before being exported to international markets. This strategic decision was communicated by ExxonMobil's Vice President of Global Exploration, highlighting the company's commitment to developing these significant offshore reserves. The move signifies a substantial step towards monetizing these newly confirmed gas resources and integrating them into the global energy supply chain, with Egypt serving as a crucial hub for processing and distribution.