ExxonMobil, QatarEnergy and Egypt have agreed to jointly study how natural gas discoveries offshore Cyprus could be developed and exported using Egypt’s existing LNG infrastructure. The understanding is aimed at improving commercial pathways for bringing eastern Mediterranean gas to international markets.
The agreement is designed to explore technical and commercial options for transporting and processing gas from Cypriot offshore fields through Egypt, which already operates established gas export facilities.
The deal comes after Cyprus approved development plans for the Cronos gas field, estimated to hold around 3.1 trillion cubic feet of gas. The project is being developed by Eni and TotalEnergies, with a final investment decision expected soon. If timelines hold, first production could begin within the next two years.
Under the new cooperation framework, the partners will also assess broader opportunities linked to other discoveries in the region, including future production scenarios that could be tied into Egypt’s export system.
QatarEnergy said the agreement reflects efforts to build flexible commercial structures that support long-term gas development across the region. Its CEO and Minister of State for Energy Affairs, Saad al-Kaabi, noted that the initiative strengthens regional cooperation and helps unlock the potential of eastern Mediterranean gas resources.
ExxonMobil and QatarEnergy have already expanded their joint presence offshore Cyprus, including recent declarations of commercial viability for the Glaucus and Pegasus discoveries, which together hold an estimated 7 trillion cubic feet of gas.
Cyprus President Nikos Christodoulides has also indicated that ExxonMobil is in advanced discussions for additional exploration areas offshore the country, signaling further expansion of activity in the sector.
Analysts say the agreement reinforces Egypt’s growing role as a regional energy hub, linking offshore gas discoveries in Cyprus with global LNG markets through its established infrastructure network.
