04.04.2026 21:31
The Minister of Energy of the Greek Cypriot Administration, Michael Damianos, stated that approximately 198 billion cubic meters of natural gas have been discovered in the "Glafkos" and "Pegasus" gas fields located in the 10th block of the exclusive economic zone claimed by the Greek Cypriot administration. Damianos announced that production is aimed to start after 2030, and he expressed that the joint venture between the U.S.-based international oil company "ExxonMobil" and Qatar's "QatarEnergy" has reported that the reserves have commercial potential.
The Minister of Energy of the Greek Cypriot Administration (GCA), Michael Damianos, announced that economically viable natural gas reserves have been detected in the "Glafkos" and "Pegasus" fields located in the 10th block of the exclusive economic zone claimed by the Greek administration.
198 BILLION CUBIC METERS
According to news reports in the Greek press, Damianos stated at a press conference that the joint venture between the U.S.-based international oil company "ExxonMobil" and Qatar's "QatarEnergy," which operates in these fields, has reported that the reserves have commercial potential. Damianos indicated that the total reserve amount in these fields is estimated to be around 7 trillion cubic feet (approximately 198 billion cubic meters).
Noting that the companies are expected to present a development plan in the next phase of the project, Damianos expressed that the final investment decision will be made in line with this plan. It was reported that if the planned schedule is adhered to, production is aimed to start after 2030 and likely around 2033.
DEVELOPMENTS IN OTHER NATURAL GAS FIELDS
Damianos also announced that processes regarding the "Afrodit" and "Kronos" fields are ongoing. Regarding the "Afrodit" field, he stated that progress has been made in line with the agreements signed on March 30 during the Egypt Energy Fair (EGYPES) held at the end of March in Egypt, and that the final investment decision is expected to be made at the beginning of 2027. It was noted that gas exports from this field to Egypt are planned to start within 4 to 5 years following the investment decision.
Regarding the "Kronos" field, Damianos mentioned that negotiations with the France-based international oil company "TotalEnergies" and the Italy-based oil and gas company "ENI" have advanced, and that the final investment decision is targeted to enable production to start by the end of 2027 or the beginning of 2028. It was stated that the priority for 2026 is to approve the development plan for this field and to complete the intergovernmental agreement with Israel related to the "Afrodit" field.
"IN THE ARBITRATION PROCESS OF THE PROJECT IN THE VASILIKOS REGION"
Damianos also referred to the planned natural gas infrastructure project in the "Vasilikos" region, stating that the project was initiated in the 2018-2019 period and that due to the process with the contractor company, the matter is currently in the arbitration phase in London. It was reported that the progress of the project continues based on technical processes and administrative procedures. Minister Damianos added that contacts with the United Arab Emirates and the Abu Dhabi National Oil Company (ADNOC) are also ongoing.