ExxonMobil and Qatar Energy make significant gas discovery off Cyprus

In July 2025, Cyprus announced a significant natural gas discovery made by a consortium comprising ExxonMobil and Qatar Energy International. The Pegasus-1 well, located about 190 kilometers southwest of Cyprus at a depth of 1,921 meters, is the second natural gas finding by the consortium in the region and falls within Cyprus' exclusive economic zone. This discovery comes as part of ongoing exploration and development efforts in the eastern Mediterranean, which have the potential to reshape Europe's energy landscape by reducing reliance on Russian gas. Notably, this find follows the 2019 discovery of the Glaucus-1 well, also by the ExxonMobil-Qatar Energy consortium, with Glaucus estimated to contain 3.7 trillion cubic feet of gas. A total of six natural gas deposits have been discovered in Cyprus' exclusive economic zone over the last 14 years, including other significant wells like Zeus, Cronos, and Calypso, each with substantial estimated reserves. Cypriot authorities are optimistic about these developments, highlighting the importance of diversifying energy sources in response to geopolitical pressures, and they plan further assessments to evaluate the findings at Pegasus-1 in the upcoming months. The increasing number of discoveries in the region may facilitate a budding energy partnership among Cyprus, Greece, and Israel, which could help Europe achieve greater energy independence as it aims for re-industrialization by diversifying its energy supplies.