Nicosia: The ExxonMobil and QatarEnergy consortium submitted on March 30 a declaration of the marketability of the "Glafkos" and "Pegasus" deposits in Block 10 of Cyprus' Exclusive Economic Zone (EEZ) in a letter sent to the Ministry of Energy, Commerce and Industry, marking a decisive step towards their commercial exploitation, Minister of Energy Michalis Damianos, said Friday during a press conference to present the Ministry's work for 2025, as well as its objectives for 2026.
According to Cyprus News Agency, the declaration of marketability indicates that ExxonMobil's two blocks in Block 10, which total approximately 7 trillion cubic feet (tcf), are now marketable. Within the next year, the consortium is expected to submit a development plan, leading to a final investment decision and the potential exploitation of these deposits after 2030, with a key milestone in 2033.
Damianos emphasized the significance of this milestone, as it adds "Glafkos" and "Pegasus" to the already marketable deposits of "Aphrodite" and "Kronos." Regarding the "Aphrodite" field in Block 12 of the Cyprus EEZ, he confirmed that it is progressing according to schedules and agreements signed on March 30 in Egypt during EGYPES. Chevron plans to advance with the Front-End Engineering Design (FEED) until January 2027 for the final investment decision, with natural gas from "Aphrodite" potentially reaching Egypt thereafter.
For the "Kronos" field, the Minister mentioned nearing an agreement with ENI and TotalEnergies following meetings held in Cairo. He expressed optimism that the companies will finalize the investment decision soon, aiming to meet the timeline for natural gas production by the end of 2027 or early 2028.
The presentation highlighted the host country agreement for Block 6 and commercial agreements for the "Kronos" field, along with a memorandum of cooperation with Egypt for "Aphrodite." Strategic agreements between Cyprus and Egypt were accelerated on March 30, 2026, enhancing collaboration for the "Aphrodite" and "Kronos" fields.
Regarding the Great Sea Interconnector (GSI) electricity project, the Minister affirmed the Government's commitment to its promotion, recognizing it as a European project with EU funding. An independent assessment by the European Investment Bank is expected to provide a comprehensive evaluation of the project's viability.
The Minister also addressed questions about natural gas arrival delays, attributing them to past political decisions and technical and legal factors. He clarified that fuel price increases are justified by international developments, noting that unleaded petrol prices in Cyprus remain among the lowest in the EU. However, he cautioned that prices may continue to rise due to global conflicts and energy infrastructure damage.
In the industry and technology sector, extensive entrepreneurship support actions were implemented in 2025, with significant payments under Grant Schemes aimed at supporting small and medium-sized enterprises, digital upgrades, energy efficiency, and the circular economy. The trade sector saw Cyprus' enhanced international presence through participation in exhibitions, and a new strategy was developed to strengthen the services sector's extroversion.
The Business Service Center, established in May 2025, evolved from the Business Facilitation Unit and serves as a comprehensive guide for business establishment, operation, and licensing, as well as inclusion in the Register of Foreign Interest Companies.