Aphrodite Development Path
Cyprus's First Gas Project
Aphrodite was Cyprus's first major gas discovery in 2011. Now operated by Chevron (after acquiring Noble Energy), it's the most advanced project toward commercial production, targeting first gas in 2027-2028.
Development Concept
Egypt Pipeline Option
Aphrodite gas will be exported via pipeline to Egypt for processing at existing LNG facilities, then re-exported to global markets.
Why Egypt Pipeline?
- • Lower CAPEX than standalone LNG ($3-4B vs $6-8B)
- • Faster time to first gas (uses existing infrastructure)
- • Egypt has underutilized LNG capacity seeking gas supply
- • Synergies with potential Block 6 and Glaucus tie-ins
Project Cost Breakdown
| Component | Description | Est. Cost |
|---|---|---|
| Subsea Wells | 6-8 production wells | $1.0-1.5B |
| Subsea Infrastructure | Manifolds, flowlines, umbilicals | $0.5-0.8B |
| Export Pipeline | ~200km to Egypt (tie to EMG line) | $0.8-1.2B |
| Platform/Topsides | Minimal processing (compression) | $0.4-0.6B |
| Egypt Facilities | Modifications at Idku LNG | $0.3-0.5B |
| Total Estimated CAPEX | $3.0-4.5B | |
Commercial Agreements Status
Egypt Transit/Processing Agreement
In ProgressAgreement with Egypt on pipeline tariffs, processing fees, and LNG plant tolling. MoU signed 2021, final terms under negotiation.
Gas Sales Agreement (GSA)
In ProgressLong-term contracts with LNG buyers (Asian, European utilities). Chevron leveraging global trading relationships.
Israel Unitization
PendingAphrodite may extend into Israeli waters. If confirmed, a unitization agreement would be needed. Currently considered low probability.
Aphrodite Timeline
Block 12 Partners
Chevron inherited Noble's position in the 2020 merger. Shell (via BG Group) and Israel's Delek bring regional expertise and complementary capabilities.
Path to FID
Final Investment Decision (FID) is the key milestone. Once reached, Chevron commits billions in capital and construction begins. Here's what needs to happen: