Exxon Mobil Corp. and QatarEnergy have made another natural gas discovery in Block 10 offshore Cyprus, the presidential office said Monday.
“The ‘Pegasus-1’ well, located about 190 kilometers offshore southwest of Cyprus, indicated approximately 350 meters of gas-bearing reservoir”, the presidency said in an online statement after meeting with ExxonMobil officials.
The well was drilled by Valaris DS-9 in 1,921 meters (6,302.49 feet) of water, according to the statement.
“Further assessment will be required in the coming months to evaluate the results”, the statement added.
This is the second discovery in the block, which, according to ExxonMobil, spans 635,554 acres (2,572 square kilometers) southwest of Cyprus in the Eastern Mediterranean.
Seven years ago the partners found a gas-bearing reservoir about 436 feet in Glaucus-1. The discovery was drilled 13,780 feet deep in 6,769 feet of water, according to ExxonMobil.
“Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters)”, the United States energy giant said in a press release February 28, 2019.
Steve Greenlee, then-president of ExxonMobil Exploration Co., said, “These are encouraging results in a frontier exploration area”.
An earlier well, Delphyne-1, did not yield commercial quantities of hydrocarbons.
In March 2022 appraisal well Glaucus-2 confirmed a “high-quality gas-bearing reservoir”, according to the government. As of 2022, the best estimate of gas-in-place resources in the Glaucus discovery was 3.7 trillion cubic feet, according to online information from Cyprus’ Energy, Commerce and Industry Ministry.
ExxonMobil operates Block 10 with a 60 percent stake. QatarEnergy holds 40 percent. The license was awarded April 2017.
Texas-based ExxonMobil and state-owned QatarEnergy are also partners in Cyprus’ Block 5, for which they signed an exploration and production sharing contract December 2021 with ExxonMobil as operator.
In April 2025 the Energy Ministry announced that results from the Elektra-1 well in Block 5 indicated the presence of gas in non-commercial volumes.
“According to Operator’s early assessment, ‘Elektra-1’ has yielded encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs”, the ministry said. “The data collected during the drilling operations are being evaluated to determine consortium’s future plans in Block 5”.
Drilling activities continue and geological studies are underway in the block, according to the ministry.
The block covers 3,416 square kilometers (1,318.92 square miles), it says.
To contact the author, email jov.onsat@rigzone.com
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