Newsroom
A new agreement is taking shape around the development of Cyprus’s Aphrodite gas field, as NewMed Energy moves forward with plans to export natural gas to Egypt.
The company has signed a Memorandum of Understanding (MoU) covering the potential sale of approximately 100 billion cubic meters of gas from the offshore field. The proposed arrangement would run for up to 15 years, or until the field’s commercial output is exhausted, whichever occurs first. There is also an option for a five-year extension, subject to the partners’ decision.
According to NewMed’s CEO, Yossi Abu, the agreement represents a significant milestone in bringing the Aphrodite project closer to production. He emphasized that securing export terms is a crucial step toward reaching a Final Investment Decision (FID), which would ultimately unlock development and extraction activities.
The deal also reflects regional dynamics. Abu emphasized natural gas as a driver of cooperation in the Eastern Mediterranean, suggesting that agreements like this can strengthen cross-border partnerships and potentially lead to further international energy deals.
The Aphrodite field is estimated to hold around 100 bcm of natural gas. In terms of size, it exceeds nearby deposits such as Karish and Tanin but remains smaller than major regional fields like Tamar and Leviathan. Ownership of the project is split among key players: NewMed holds a 30% stake, while Chevron and Shell each control 35%.
Separate reporting indicates that Egypt intends to purchase the full output of the field once production begins, which is expected in roughly six years. This aligns with Cairo’s strategy to secure long-term gas supplies during rising domestic demand.
Overall, the agreement signals continued momentum in Eastern Mediterranean energy development, with Cyprus’s offshore resources playing an increasingly central role in regional supply networks.
