Home Fossil Energy Aphrodite rising as Chevron, Shell, NewMed and Cyprus give the go-ahead for tweaked gas development plan
February 14, 2025,
by
Melisa Cavcic
Chevron Cyprus, a subsidiary of the U.S.-headquartered oil major Chevron, and its partners, BG Cyprus (Shell) and NewMed Energy, have given their blessing, together with the government of Cyprus, for an updated development plan of an offshore gas field reservoir in Block 12 located in the Eastern Basin of the Mediterranean Sea.
The approval of the modifications made to the Aphrodite gas field development and production plan (DPP) and the production sharing contract (PSC) milestones aims to advance technical and engineering work related to the front-end engineering and design (FEED) toward a final investment decision (FID) for the project.
George Papanastasiou, Cyprus’ Minister of Energy, Commerce and Industry, commented: “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.
“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 Ministry of Energy, Commerce, and Industry and joint venture partners – Chevron, Shell, and NewMed – have confirmed the approval of the modifications proposed to the development and production plan for Aphrodite to move forward with the project’s development. The green-lighted DPP entails a floating production unit (FPU), known as a gas processing facility, in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for gas export to Egypt.
Frank Cassulo, Vice President, Chevron International Exploration & Production, highlighted: “We welcome this major development and our productive engagements with the Cypriot government. Chevron values its
