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.

Deep Dive

Aphrodite Development Tracker

Development plan, milestones and export route analysis

Development Status

In Development

Field development plan approved, infrastructure under construction.

Discovered

Appraised

In Development

Producing

Wells

Aphrodite-1 (Cyprus A-1)

Exploration • Completed • Spudded 2011

Discovery

Aphrodite-2 (Cyprus A-2)

Appraisal • Completed • Spudded 2013

Discovery

Aphrodite-3 (Cyprus A-3)

Appraisal • Completed • Spudded 2023

Consortium

Located in

Block 12

Operated by Chevron

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

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Cyprus Mail • Jun 16

Chevron sees Cyprus as key to East Mediterranean energy

Aphrodite project strengthens Cyprus’ regional energy role US energy company Chevron sees Cyprus as a key part of the East Mediterranean’s energy future, with the Aphrodite gas field moving steadily towards a final investment decision, according to comments by Chevron Cyprus country manager Basil...

Rigzone • Apr 10

Aphrodite Group Initiates Prelim Deals for Sale of Cypriot Gas to Egypt

The Chevron-led consortium secured commitment from relevant parties to execute a term sheet and a host government agreement to enable the piped export to Egypt of 100 percent of production from the Aphrodite field.

Greek Reporter • Apr 10

Egypt Locks In Full Supply From Cyprus’ Aphrodite Gas Field

Egypt has agreed to purchase the full output of Cyprus’ offshore Aphrodite gas field once production begins, according to a Bloomberg report. The agreement underscores Cairo’s push to secure long-term energy supplies as domestic natural gas demand continues to rise. Production at Aphrodite is exp...

Cyprus Mail • Apr 9

Egypt to buy all Aphrodite gas output from Cyprus

Egypt has agreed to buy all the output of the Aphrodite gas reservoir in Cyprus’ exclusive economic zone once the field starts production, international media reported on Thursday. According to Bloomberg, Newmed Energy LP – which owns a stake in the project – posted the statement on the Tel Aviv ...

Cyprus Mail • Mar 31

First natural gas now estimated to hit market in 2029-30

A final investment decision by the companies holding the Aphrodite gas concession may be taken early next year, with the first natural gas going to market by 2029 or 2030, the energy minister said on Tuesday. Regarding the Aphrodite reservoir – located in Block 12 of the exclusive economic zone –...

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