Chevron discusses linking Aphrodite gas field to Egyptian infrastructure

The Egyptian Ministry of Petroleum and Mineral Resources held discussions with the US energy major Chevron (NYSE: CVX) regarding the continuation of coordination for the project linking the Aphrodite Gas Field in Cyprus to Egyptian infrastructure, Al Youm Al Sabea reported on March 2, citing a ministry statement. 

Aphrodite is currently operated by Chevron in partnership with Shell plc (LSE/NYSE:SHEL) and NewMed Energy (TASE:NVMD). The consortium has been advancing development plans aimed at monetising the gas through the re-export of gas to international markets via Egypt.

The development was announced following a meeting between the Minister of Petroleum, Karim Badawy, and the Director of Chevron Cyprus, Bassel Allam, according to the ministry statement.

Badawy urged continued coordination between all parties to accelerate the necessary procedures and steps for the project. He noted that achieving mutual benefits and serving the stakeholders' long-term strategic partnership interests was crucial.

During the meeting, progress in preparing the main project agreements was reviewed by both the technical and legal working teams. The parties agreed to intensify efforts and continue meetings in the coming period to finalise the necessary procedures and complete the agreements as soon as possible.

The Aphrodite gas field is a significant offshore reservoir in Cyprus's Block 12. The field was discovered in September 2011 and is estimated to contain around 3.6 trillion cubic feet (tcf) of gas, or approximately 102bn cubic metres (bcm).

Located 30 kilometres northwest of Israel's Leviathan field, the Aphrodite reservoir lies 1,700 metres beneath the seabed. Development is currently accelerating through a strategic partnership with Egypt, utilising a planned subsea pipeline to transport gas to Egyptian processing facilities for domestic use and global export via LNG terminals.

The project has officially entered the Front-End Engineering Design (FEED) phase, with a Final Investment Decision (FID) expected in 2027 and first gas production targeted for 2030–2031.