ExxonMobil’s East Med strategy enters a new phase

The Commerciality Declaration for Cyprus’ Glaucus and Pegasus gas discoveries made this week marks an important milestone – not only for the island, but also for ExxonMobil’s wider Eastern Mediterranean strategy. After almost eight years of exploration, the company has formally moved from proving the existence of gas to planning its development. Yet, contrary to appearances, the more important strategic decisions still lie ahead.

Recent developments reveal an increasingly coherent regional...