# QatarEnergy signs agreement with ExxonMobil and Egypt's Ministry of Petroleum and Mineral Resources to explore how gas discovered off Cyprus could be developed and exported.

*business · news · 2026-05-22 · Euronews*

## Key points

- QatarEnergy has secured a central role in exporting Cyprus's offshore gas via Egypt to Europe.
- A new memorandum with ExxonMobil and Egypt aims to commercialize Cypriot gas using Egypt's infrastructure.
- Cyprus's Glaucus and Pegasus fields were declared commercially viable in March, totaling 7 trillion cubic feet.
- No final investment decision has been made; critical infrastructure and commercial details remain unresolved.
- If plans proceed, Cyprus could achieve its first gas exports to Europe by 2028.

**Companies:** ExxonMobil, QatarEnergy
**Countries:** Qatar, Cyprus, Egypt

[Read the full story on Euronews](https://www.euronews.com/business/2026/05/22/egypt-to-ship-cypriot-gas-to-europe-in-qatarenergy-deal)

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