The Ministry of Energy, Commerce and Industry and Chevron Cyprus Limited (CCL), along with partners Shell and NewMed, have announced the approval of modifications to the Development and Production Plan (DPP) for the Aphrodite gas field, located in Block 12 of the Cypriot Exclusive Economic Zone, according to the Ministry's release.
This approval paves the way for the project's advancement towards a final investment decision (FID).
"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," stated George Papanastasiou, Minister of Energy, Commerce and Industry.
"We look forward to the expeditious development of the field via Egypt’s facilities, a tangible step towards establishing the role that Cyprus envisions in the energy sector of the region, for the benefit of the country and its people. We will be monitoring closely the fulfillment of the obligations of Chevron and its partners, on the basis of the approved Development and Production Plan and the Production Sharing Contract.”
The revised DPP includes the installation of a Floating Production Unit (FPU), also known as a gas processing facility, within the Cypriot EEZ, and the construction of a pipeline to transport gas to Egypt. This export route leverages existing infrastructure in Egypt, potentially accelerating development timelines and reducing costs.
The approval of the modified DPP and Production Sharing Contract allows Chevron and its partners to proceed with front-end engineering and design (FEED) work. The project now moves closer to a final investment decision, which will greenlight construction and development activities. The Aphrodite field is expected to contribute significantly to Cyprus' energy security and regional energy dynamics.
Chevron is a multinational energy corporation involved in all aspects of the oil and natural gas industries, including exploration and production.
Shell is a multinational oil and gas company engaged in the exploration, production, and refining of oil and natural gas, as well as in the marketing and distribution of energy products.
NewMed Energy is an Israeli energy company focused on natural gas exploration and production in the Eastern Mediterranean.