Chevron Aphrodite
Development Plan & Egypt Exports
Aphrodite was Cyprus's first major gas discovery in 2011. Now operated by Chevron (after acquiring Noble Energy), the project cleared its biggest hurdles in 2025-2026: the development plan was approved in February 2025, partners approved FEED in December 2025, and a 15-year offtake term sheet with Egypt's EGAS was initialed in April 2026, with Cyprus's cabinet approving the basic sale terms in May. Final gas sales agreements and FID are still pending — Egypt is pushing for September 2026, while Energy Minister Michael Damianos targets December 2026 to January 2027 — with first gas around 2030-31.
Updated July 2026 · Sources: NSAI, MECI, NewMed Energy
NSAI resource report (effective 28 Feb 2026): ~2.9 Tcf 2C for the sanctioned "development pending" phase plus ~0.8 Tcf "development unclarified" (~3.7 Tcf total), and 6.3 MMbbl of condensate.
Development Concept
Egypt Pipeline — Selected Route
Under the term sheet initialed in April 2026, Egypt (EGAS) is to buy the entire Aphrodite output — ~700 mmcf/d (about 7.2 bcm/yr), Brent-linked, over 15 years — delivered via a new ~$2B subsea pipeline to Port Said (construction from 2027), feeding the Egyptian grid and LNG plants with potential re-export to Europe. Four production wells will feed a floating production unit with ~800 mmcf/d nominal capacity.
Why Egypt Pipeline?
- • Lower CAPEX than a standalone LNG project
- • Egypt is a growing gas importer with underutilized LNG capacity
- • A single buyer for 100% of output simplifies commercialization
- • Consistent with the wider Cyprus-Egypt export strategy (Cronos, Block 10)
Project Cost Breakdown
| Component | Description | Est. Cost |
|---|---|---|
| Subsea Wells | 4 initial production wells | $1.0-1.5B |
| Subsea Infrastructure | Manifolds, flowlines, umbilicals | $0.5-0.8B |
| Export Pipeline | New subsea line to Port Said, Egypt | ~$2B (reported) |
| Floating Production Unit | FPU in Cyprus EEZ (~800 MMcf/d nominal) | $0.5-0.8B |
| Egypt Facilities | Onshore reception feeding grid & LNG plants | $0.3-0.5B |
| Total Estimated CAPEX (approved plan ~$4B; pipeline figures per press reports) | ~$4B+ | |
Updated July 2026 · Sources: Approved development plan, press reports
Commercial Agreements Status
Egypt Offtake Agreement
Term Sheet Initialed Apr 2026A 15-year term sheet was initialed (not yet signed) with Egypt's EGAS in April 2026 for the entire Aphrodite output — ~700 mmcf/d (about 7.2 bcm/yr), Brent-linked — via a new subsea pipeline to Port Said, alongside a Host Government Agreement for the transmission project. The Cyprus cabinet approved the basic GSA terms on 19 May 2026; final gas sales agreements are pending.
FEED & FID
In ProgressPartners approved front-end engineering and design on 23 December 2025 (~$105.7M). FID has not been taken: Egypt is pushing for September 2026, while Cyprus Energy Minister Michael Damianos targets December 2026 to January 2027. Pipeline construction is planned from 2027.
Israel Unitization (Ishai)
In-Principle Deal Jan 2026Aphrodite extends into Israel's Ishai licence. An in-principle deal was reached on 20 January 2026: the Israeli side receives one-time compensation and the field is developed by the Cyprus partners. The final agreement is pending.
Updated July 2026 · Sources: MECI, NewMed Energy, press reports
Aphrodite Timeline
Block 12 Partners
Chevron inherited Noble's position in the 2020 merger. Shell (via BG Cyprus) and Israel's NewMed Energy (formerly Delek Drilling) bring regional expertise and complementary capabilities.
Path to FID
Final Investment Decision (FID) is the key milestone, targeted for late 2026-2027. With the plan approved and the Egyptian offtake term sheet initialed, the remaining steps are:
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