Cyprus on Friday approved Chevron’s development plan for the Aphrodite natural gas field.
The development plan includes a floating production unit in Cyprus’s exclusive economic zone and a pipeline to transport natural gas to Egypt, the energy ministry said in a joint statement with Chevron Cyprus Limited (CCL).
The project will be developed by a consortium comprising Chevron Cyprus Limited, Shell’s BG Cyprus Limited, and NewMed Energy LP, Energy Minister George Papanastasiou said.
“We look forward to the rapid development of the field through Egyptian facilities, which will be a tangible step towards establishing Cyprus’s envisioned role in the region’s energy sector,” Papanastasiou said.
Frank Cassulo, Chevron’s vice president for international exploration and production, said the development aligns with the company’s strategy to “provide affordable, reliable and increasingly cleaner energy”.
The approval of modifications to the development plan aims to advance technical and engineering work and move towards a Final investment decision for Aphrodite, according to the statement.
The field lies in Block 12 of Cyprus’s exclusive economic zone.
Context
The Aphrodite gas field, discovered off the coast of Cyprus in 2011, is estimated to contain around 124 billion cubic meters of natural gas. Its development has been a key priority for the Cypriot government, however, the project has faced hurdles, including complex negotiations, technical challenges, and regional geopolitical considerations.
The development plan submitted by Chevron and its partners, Shell and NewMed, outlines a new strategy for extracting and utilising the gas, focusing on a more efficient and cost-effective approach. Instead of constructing extensive onshore facilities in Cyprus, Chevron aims to export the gas to Egypt via a subsea pipeline, leveraging existing infrastructure there.
This decision has paved the way for the project to move forward, with the partners now working towards a final investment decision that will greenlight construction and development.
