On 30 August 2024, the partners in the Aphrodite Field submitted for the approval of the Government of Cyprus an updated plan for development of the Field, which is based on the Approved Development and Production Plan.

Chevron is the operator of Aphrodite with a 35% interest. Shell subsidiary BG Cyprus holds a 35% interest and the partnership NewMed Energy has a 30% interest. Chevron began drilling the appraisal / development well Aphrodite-3 (A-3) on Block 12 in May 2023 with Stena Drilling 10,000-ft drillship Stena Forth.

According to the Updated Development and Production Plan, production and processing of natural gas from the Field will be accomplished initially through 4 production wells connected to a floating production unit that will be positioned over the Field, with a nominal maximum production capacity of approx. 800 MMCF per day. Natural gas will be exported from the floating production unit via a pipeline to the Egyptian transmission system. 

The Operator of the Field conveyed to the partners and the Government of Cyprus, prior to completion of technical-economic feasibility studies and the performance of the Front-End Engineering Design (FEED), that the estimated cost of the Updated Development and Production Plan is approximately $4 billion (100%). 

As of the date of this report, there is no certainty as to whether and when, if at all, the Government of Cyprus will approve the Updated Development and Production Plan, and whether said approval will be contingent on any conditions. Furthermore, in addition to said approval from the Government of Cyprus, final investment decision (FID) for implementing the Updated Development and Production Plan is subject, inter alia, to FEED execution, commercial arrangements associated with the to-be-installed export pipeline, the signing of agreements for the supply of natural gas and fulfillment of the closing conditions in such agreements, regulatory approvals and financing arrangements.

KeyFacts Energy: Cyprus Hydrocarbons Company Cyprus country profile