Partners in Cyprus’s Aphrodite natural gas field, located in EEZ Block 12 about 160 km south of Limassol at 1,700 m depth, approved a $105.7 million budget for the Front-End Engineering and Design (FEED) phase on December 22, 2025. This decision advances the field’s full development; discovered in 2011 via A-1 well and confirmed in 2013 by A-2, it holds approximately 98 billion cubic meters (bcm) of proven reserves plus 26 bcm prospective resources, positioned just 30 km northwest of Israel’s giant Leviathan field.
The consortium – led by operator Chevron Cyprus (35% stake), alongside Shell’s BG Cyprus (35%), and NewMed Energy (30%) – involves the Cyprus government, Cyprus Hydrocarbons Company (CHC), and Egypt’s EGAS in export talks.
Project blueprint
The revised development plan includes four wells connected to a Floating Production Unit (FPU) directly over the field, offering a peak capacity of around 800 million cubic feet (MMcf) of gas per day. The 2026 total budget reaches $111.5 million, covering production systems and transport infrastructure; this follows 2025 amendments to the development plan and Production Sharing Contract (PSC), which averted contract expiry and paved the way for a Final Investment Decision (FID). Partners are negotiating binding gas export agreements with Egypt to enhance regional supply amid Europe’s post-2022 energy diversification needs.
Cyprus expects a transformative economic impact similar to Israel’s Tamar and Leviathan fields; Chevron has committed to pushing the project forward, while NewMed Energy called the approval a “significant step” toward realization.
Also read: Zygi–Vasiliko LPG project: Cyprus Audit Office finds delays, irregularities and soaring cost
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