Aphrodite Development
FEED & Path to FID
Aphrodite is one of Cyprus's two lead gas projects. Its development plan was approved in February 2025, FEED began in December 2025, and in April 2026 the partners initialed a 15-year term sheet with Egypt's EGAS for the field's entire output. FID has not yet been taken — it is targeted for late 2026 to 2027, with first gas around 2030-31.
Updated July 2026 · Sources: NSAI, MECI, NewMed Energy
Development Progress
Updated July 2026 · Sources: MECI, NewMed Energy, company disclosures
Current Phase: FEED & Path to FID
With the development plan approved and key Egyptian offtake terms initialed, the project is in front-end engineering ahead of a final investment decision targeted for late 2026 to 2027:
1. Development & Production Plan
Approved Feb 2025Cyprus approved the updated plan and amended the production sharing contract on 14 February 2025: a floating production unit in the Cyprus EEZ, four initial production wells, an export pipeline to Egypt and a nominal capacity of around 800 MMcf/d, at an estimated total field cost of roughly $4 billion. NSAI's resource update (effective 28 February 2026) certifies 2C contingent resources of 2,881 Bcf (~2.9 Tcf) for the sanctioned phase, plus ~784 Bcf classed as development unclarified (~3.7 Tcf total) and 6.3 MMbbl of condensate.
2. Egypt Gas Sales Terms
Term Sheet Apr 2026In April 2026 the partners initialed (not yet finalized) a 15-year term sheet with EGAS covering the field's entire output — around 700 MMcf/d (~7.2 bcm/yr), Brent-linked — delivered via a new ~$2 billion subsea pipeline to Port Said, feeding the Egyptian grid and LNG plants with potential re-export to Europe. A Host Government Agreement for the transmission project was agreed alongside, and on 19 May 2026 the Cyprus cabinet approved the basic Gas Sales Agreement terms. Final GSAs are still to be signed.
3. FEED & Final Investment Decision
In ProgressPartners approved FEED on 23 December 2025 (~$105.7 million of a $111.5 million 2026 budget). FID has not been taken: Egypt is pushing for September 2026, while Cyprus Energy Minister Michael Damianos (30 June 2026) targets December 2026 to January 2027. NewMed conditions FID on FEED results, pipeline commercial arrangements and final gas sales agreements. Pipeline construction is planned from 2027, with first gas to Port Said around 2030-31.
Technical Readiness
Completed
- ✓ 3D seismic acquisition & interpretation
- ✓ Discovery & appraisal wells (2 wells)
- ✓ Reservoir modeling & NSAI resource certification (Feb 2026)
- ✓ Development plan government approval (Feb 2025)
- ✓ EGAS term sheet initialed; GSA terms cabinet-approved (Apr-May 2026)
Pending FID
- ○ FEED completion (underway since Dec 2025)
- ○ Final gas sales agreements & pipeline commercial arrangements
- ○ Final Ishai (Israel) unitization deal — in-principle agreement Jan 2026
- ○ EPC contract awards (subsea, pipeline)
- ○ Long-lead equipment ordering
- ○ Construction vessel booking
- ○ Production license issuance
Risk Factors
Commercial Risks
Monitored- • Egypt capacity constraints/availability
- • LNG price volatility affecting GSA terms
- • Partner alignment on investment
- • Financing market conditions
External Risks
Monitored- • Geopolitical tensions in region
- • Regulatory/permitting delays
- • Supply chain constraints
- • Turkey maritime disputes
Next Steps to First Gas
Aphrodite in the News
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...
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.
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...
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 ...
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 –...