NewMed Energy today announced the signing of a term sheet agreement with the Egyptian Natural Gas Holding Company (EGAS) for the sale and export of natural gas from the Aphrodite Reservoir, located offshore Cyprus.

The agreement outlines the key commercial principles for the supply of the reservoir’s recoverable natural gas to Egypt, marking a significant milestone in advancing regional energy cooperation and development in the Eastern Mediterranean.

Under the terms of the agreement, NewMed Energy and its partners in the Aphrodite project intend to supply natural gas to EGAS over a long-term period. The gas is expected to be transported via existing and/or new infrastructure to Egypt, where it will be utilized for domestic consumption and liquefied natural gas (LNG) export.

The Aphrodite Reservoir is one of the key offshore gas discoveries in Cyprus’s Exclusive Economic Zone and is estimated to contain substantial recoverable natural gas resources. This agreement represents a major step toward monetizing the reservoir and strengthening energy ties between Cyprus and Egypt.

“This term sheet is a significant advancement in unlocking the value of the Aphrodite asset,” said a spokesperson for NewMed Energy. “It reflects strong regional collaboration and supports the growing demand for reliable and diversified natural gas supply in both domestic and international markets.”

The parties will now work toward finalizing definitive agreements, including sales and purchase agreements and transportation arrangements, subject to regulatory approvals and partner consents.

KeyFacts Energy: NewMed Cyprus country profile