Chevron advances $4B Aphrodite gas plan with Egypt

Chevron is advancing plans to develop the Aphrodite offshore natural gas field in Cyprus after holding talks with Egyptian officials to finalize transport agreements. According to Egypt Oil & Gas, the project is moving toward a final investment decision to link Eastern Mediterranean gas with Egyptian processing and export infrastructure.

On Oct. 8, 2026, Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, met with senior Chevron executives in Athens. They reviewed remaining technical, commercial, and legal requirements. Egypt's petroleum ministry noted that both sides are working to speed up remaining procedures before ordering long-lead items and reaching the final investment decision.

Chevron operates the Aphrodite field in Cyprus' offshore Block 12 with a 35% working interest. Shell also holds a 35% stake, while NewMed Energy owns the remaining 30%. The project requires an estimated total development investment of approximately $4 billion.

Discovered in 2011, the field's development plan includes a floating production unit above the site and a proposed subsea pipeline stretching about 280 kilometers. This link will send gas directly to Egypt's network, giving the partners access to existing liquefied natural gas export terminals without having to build standalone export facilities.