business
Cypriot natural gas could start flowing from ExxonMobil's discoveries by 2033
By Menelaos Hadjicostis, Associated Press at KPRC 2 Houston / Click2Houston (NBC)
· June 30, 2026
· 2 min read
Natural gas could start flowing by 2033 out of two undersea deposits discovered by ExxonMobil off Cyprus, a senior executive with the company said Tuesday, helping to turn the east Mediterranean island nation into a new European energy hub.The largest U.S. oil company and its consortium partner, ...
Key takeaway The deposits — dubbed Glaucus and Pegasus — are located in Block 10 of Cyprus’ exclusive economic zone (EEZ) and are estimated to hold together roughly 7 trillion cubic feet of gas.
Why this matters in Magnolia News
For Magnolia residents, the news of ExxonMobil's discoveries off Cyprus may seem distant, but it has implications for the local energy landscape. As a major player in the Houston area, ExxonMobil's activities abroad can influence the company's operations and investments in the region. The development of new energy sources in the eastern Mediterranean could potentially impact global energy markets, affecting prices and supply chains that reach into Montgomery County. Moreover, the fact that ExxonMobil is considering a pipeline to existing facilities in Egypt for liquefaction and export suggests that the company is looking to established infrastructure to bring this new energy source online, a strategy that could inform its approach to projects closer to home. As the energy industry continues to evolve, Magnolia residents may see ripple effects from ExxonMobil's international endeavors in the form of new jobs, investments, or economic growth in the area.
About this story
Original reporting by KPRC 2 Houston / Click2Houston (NBC) . Magnolia News surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit KPRC 2 Houston / Click2Houston (NBC) . Have a tip or correction? Contact our newsroom .
Category: business ·
Published: June 30, 2026 ·
Source: KPRC 2 Houston / Click2Houston (NBC) ·
Reading time: 2 min
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Frequently asked about this story
What is this story about? Natural gas could start flowing by 2033 out of two undersea deposits discovered by ExxonMobil off Cyprus, a senior executive with the company said Tuesday, helping to turn the east Mediterranean island nation into a new European energy hub.The largest U.S. oil company and its consortium partner, ...
When was this published? This article was first published on June 30, 2026 by KPRC 2 Houston / Click2Houston (NBC) and curated for Magnolia News readers.
Who reported this story? This story was reported by Menelaos Hadjicostis, Associated Press at KPRC 2 Houston / Click2Houston (NBC). To learn more about how Magnolia News selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more business coverage from Magnolia News, or browse our daily briefing and topic hubs .
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