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Cyprus Gas Hub Set to Launch | Business and Finance News
Description
ExxonMobil and QatarEnergy are set to unlock massive natural gas reserves off Cyprus by 2033, tapping into the Glaucus and Pegasus fields holding seven trillion cubic feet—pipeline-bound for Egypt’s liquefaction and export, turning Cyprus into Europe’s next energy hub. With government backing and cost-effective infrastructure, the project leverages decades of planning since 2011, while ExxonMobil eyes further exploration nearby. Other giants like Eni, Total, Chevron, Shell, and NewMed are also racing to develop Cyprus’s offshore riches, with Eni poised to bring its Cronos field online by 2027 or 2028—fueling Europe’s energy future from the Mediterranean.
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