Most Advanced Project

Aphrodite Development Status

Aphrodite is Cyprus's most advanced gas project, targeting first production in 2027-2028. This page tracks the current status of all development milestones.

Reserves (2P)
4.1 Tcf
Water Depth
1,700m
Reservoir Depth
5,500m
Development CAPEX
$3-4B

Development Progress

Overall Progress to First Gas 55%
Discovery & Appraisal
2011-2014
Complete
Concept Selection
2015-2018
Complete
FEED Engineering
2019-2022
Complete
Commercial Agreements
2020-2025
In Progress
FID
2025-2026
Pending
Construction
2026-2028
Pending
First Gas
2027-2028
Pending

Current Phase: Commercial Agreements

Aphrodite is currently in the final commercial negotiation phase. Three key agreements must be finalized before FID can be taken:

1. Egypt Transit Agreement

80% Complete

Terms for transporting gas through the EMG pipeline and processing at Idku LNG. MoU signed 2021, final agreement pending.

2. Gas Sales Agreement (GSA)

60% Complete

Long-term contracts with LNG buyers. Chevron in discussions with Asian and European utilities.

3. Project Financing

40% Complete

Arrangement of $2-3B in debt financing. Banks engaged, term sheets expected post-GSA.

Technical Readiness

Completed

  • ✓ 3D seismic acquisition & interpretation
  • ✓ Discovery & appraisal wells (2 wells)
  • ✓ Reservoir modeling & reserves certification
  • ✓ FEED engineering (subsea & pipeline)
  • ✓ Environmental Impact Assessment

Pending FID

  • ○ EPC contract awards (subsea, pipeline)
  • ○ Long-lead equipment ordering
  • ○ Construction vessel booking
  • ○ Development plan government approval
  • ○ Production license issuance

Risk Factors

Commercial Risks

  • • Egypt capacity constraints/availability
  • • LNG price volatility affecting GSA terms
  • • Partner alignment on investment
  • • Financing market conditions

External Risks

  • • Geopolitical tensions in region
  • • Regulatory/permitting delays
  • • Supply chain constraints
  • • Turkey maritime disputes

Next Steps

Q1-Q2 2025
Finalize Egypt transit agreement and GSA heads of terms
H2 2025
Close project financing, obtain government approvals
2025-2026
FID - Final Investment Decision
2026-2028
Construction phase (subsea, pipeline, facilities)
2027-2028
First Gas Production
Aphrodite Overview Chevron's Role Full Timeline