Reserves Comparison
Overview
First major gas discovery in the Cyprus EEZ. The February 2026 NSAI resource report puts 2C contingent resources at ~2.9 tcf for the sanctioned first phase (plus ~0.8 tcf "development unclarified"; ~3.7 tcf total). The concept is four production wells tied to a floating production unit (~800 mmcf/d) exporting via a new ~$2 bn subsea pipeline to Port Said, Egypt (field capex ~$4 bn). Development plan approved February 2025, FEED underway since December 2025; in April 2026 a 15-year term sheet was initialed with Egypt's EGAS for the entire output (~700 mmcf/d). FID is targeted for late 2026 – 2027, with first gas around 2030–31. A January 2026 in-principle deal with Israel resolved the Ishai unitization dispute via one-time compensation.
Development Status
Field development plan approved, infrastructure under construction.
Ownership
Project Timeline
Export Route
Four production wells tied back to a floating production unit (~800 mmcf/d), exporting through a new ~$2 bn subsea pipeline to Port Said, Egypt, under a 15-year term sheet with EGAS covering the entire output.
Frequently Asked Questions
What is the Chevron Aphrodite project?
Aphrodite is Chevron's gas development in Block 12 of the Cyprus EEZ — the island's first major discovery (2011), holding roughly 2.9–3.7 tcf. The sanctioned concept is four production wells tied to a floating production unit exporting ~700 mmcf/d to Port Said, Egypt via a new subsea pipeline, with FID targeted for late 2026–2027 and first gas around 2030–31.
Who owns the Aphrodite gas field?
Chevron operates Aphrodite with a 35% stake, alongside Shell (35%) and NewMed Energy (30%). The field was discovered by Noble Energy, which Chevron acquired in 2020.
When will Aphrodite start producing gas?
First gas is targeted around 2030–31. The development plan was approved in February 2025, FEED began in December 2025, and the final investment decision is targeted for late 2026 to 2027.
Where will Aphrodite gas be exported?
To Egypt. In April 2026 the partners initialed a 15-year term sheet with Egypt's EGAS covering the field's entire output (~700 mmcf/d), delivered via a planned ~$2 bn subsea pipeline to Port Said.
Wells
Consortium
Located in
Technical Data
- Discovery
- 2011
- Water Depth
- 1,689m
- Reserves (Low)
- 2.9 tcf
- Reserves (High)
- 3.7 tcf
- Coordinates
- 33.17°N, 33.31°E
Related News
Shell to sell BG Cyprus and Aphrodite gas stake to MOL Group
Shell has agreed to sell its wholly-owned subsidiary BG Cyprus and its Aphrodite gas field stake to MOL Group for up to $720m.
MOL buys Shell stake in Cyprus gas field for $720m
Hungary’s MOL has signed an agreement to acquire BG Cyprus, a 100% subsidiary of supermajor Shell, which holds a 35% non-operated interest in the Aphrodite gas field in the eastern Mediterranean. This acquisition is the biggest E&P growth opportunity for the company since acquiring a 9.57% stake ...
Shell exits Cyprus Aphrodite gas field in $720m deal
Energy company Shell said on Friday it had agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million, as the British oil major sharpens its focus on LNG operations. BG Cyprus’ 35 per cent non-operated interest in a Cyprus Offshore block, home to the Aphro...
Shell Agrees $720M Sale of Cyprus Gas Unit to MOL Group
Shell has agreed to sell its wholly owned subsidiary BG Cyprus to MOL Group for up to $720 million, giving the Hungarian energy company a 35% stake in Cyprus' Aphrodite offshore gas field…
MOL to acquire Shell’s Aphrodite gas field stake for up to $720m
Shell has agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720 million, Reuters reported, as the British energy major sharpens its focus on LNG operations. BG Cyprus’ 35% non-operated interest in a Cyprus Offshore block, home to the Aphrodite gas field in the e...
Key Events
Egypt (EGAS) agrees to purchase 100% of Aphrodite's output over a 15-year term, delivered via a new subsea pipeline to P...
infrastructureFront-end engineering and design (FEED) work begins on the Aphrodite development, a key step toward a final investment d...
infrastructureCyprus approves the updated Aphrodite (Block 12) development and production plan submitted by Chevron, Shell and NewMed...
infrastructure