Cyprus’ Ministry of Energy, Commerce and Industry, along with Chevron and joint venture partners Shell and NewMed, has approved modifications to the Aphrodite gas field development plan, aiming to accelerate the project’s timeline toward final investment decision (FID).
The updated development and production plan (DPP) streamlines the technical and engineering phases, leading to the front-end engineering and design (FEED) stage. The revised plan includes key infrastructure additions, such as a floating production unit (FPU) and a pipeline for gas exports to Egypt, ensuring efficient resource monetization.
Cypriot Energy Minister George Papanastasiou stated:
“The Republic of Cyprus has approved today the Development and Production Plan of the Aphrodite Field, following the official submission by the Aphrodite Consortium—Chevron Cyprus Limited, BG Cyprus Limited (Shell), and NewMed Energy LP. We will closely monitor the fulfilment of Chevron and its partners’ obligations under the approved plan and the Production Sharing Contract.”
Discovered in September 2011, the Aphrodite field is located 160 km south of Limassol and 30 km northwest of Israel’s Leviathan field, at a water depth of 1,700 meters. In November 2019, the Cypriot government granted a 25-year production licence to the Block 12 partners, with a 10-year extension option.
Frank Cassulo, Chevron’s Vice President for International Exploration & Production, welcomed the decision, stating:
“Chevron values its partnership with the Republic of Cyprus, and we believe it is important that Aphrodite is developed for the benefit of Cyprus and the Eastern Mediterranean region. This aligns with our strategy to deliver affordable, reliable, and ever-cleaner energy.”
In September 2024, the Chevron-led consortium submitted a revised $4 billion (€3.62 billion) development plan to the Cypriot government, aligning with national directives for natural gas production and processing. The project is expected to enhance Cyprus’ role as a key player in the Eastern Mediterranean energy landscape.