FAMAGUSTA GAZETTE – Cyprus confirmed a new natural gas discovery at the Pegasus-1 site within its exclusive economic zone, reinforcing the island’s energy potential.
The well, located approximately 190 kilometers southwest of the coast, revealed a 350-meter column of gas-bearing reservoir at a depth of 1,921 meters.
President Nikos Christodoulides welcomed the find, stating that Cyprus would continue to advance its energy plans with consistency and a focus on utilizing natural resources for the benefit of its people, the region, and the European Union.
The discovery was made by a consortium led by ExxonMobil and QatarEnergy, marking their second confirmed find in Block 10 following the earlier Glaucus-1 well.
Further technical assessments are expected in the coming months to evaluate the full scope and commercial viability of the Pegasus-1 reservoir.