Chevron is advancing plans to develop the Aphrodite natural gas field in Cyprus after recent talks with Egypt on the agreements needed for the project. On October 8, Egyptian Petroleum Minister Karim Badawi and a Chevron executive discussed completing the technical, commercial and legal frameworks for transporting the gas to Egyptian processing facilities.
Progress could lead to a decision on procuring long-lead items, a key step before a final investment decision (FID). The development plan calls for a floating production unit and a subsea pipeline connecting the offshore field to Egypt’s gas network. Egypt could process the gas for domestic use or re-export it.
Chevron operates the Aphrodite field and holds a 35% stake. Shell also holds 35%, while NewMed Energy holds 30%. The project is part of Egypt’s strategy to become a regional energy hub. Cyprus views it as a crucial step toward monetizing its offshore gas resources.