Egypt, Chevron set September 2026 deadline to finalise Aphrodite gas field deals

Egypt’s Ministry of Petroleum and Mineral Resources and US energy major Chevron (NYSE:CVX) have agreed to finalise all core agreements to connect Cyprus’s Aphrodite gas field to Egyptian infrastructure for liquefaction and re-export by September 2026, Sada Al Balad reported on June 4. 

The Aphrodite field, located offshore Cyprus in Block 12 of the eastern Mediterranean, is operated by Chevron, which holds a 35% stake. Partners include NewMed Energy (TASE:NWMD), Israel’s largest gas exploration and production company, with 30%, and Shell (LSE:SHEL), the UK-listed energy major, with 35%. It is planned for connection to Egyptian infrastructure for regional processing and re-export.

The agreement was reached during a meeting between Egypt’s Petroleum Minister, Karim Badawi, and Scott Childers, Chevron’s Director of Core Assets and Emerging Countries. The talks focused on accelerating the development and production phases of the Cypriot field.

Badawi said Egypt will support the project as a principal partner. He noted the necessity of concluding the regulatory, transport, and marketing agreements within the targeted timeframe to transition into the execution phase, to ensure mutual benefits for Egypt, Cyprus, and the investing partners.

Both parties pledged to intensify follow-up meetings and expedite the review of draft agreements. Finalising these technical and commercial frameworks is considered a major turning point for the venture, Badawi explained. In addition, the talks explored utilising the technical expertise of Egyptian petroleum sector companies in offshore manufacturing and engineering construction to speed up development.

Childers noted that the Aphrodite project is making steady technical and commercial progress, with ongoing studies into the floating production unit and subsea pipelines. Finalising the main agreements will be a pivotal step toward the final investment decision (FID).