\n<\/p>\n
Christodoulides met Chevron\u2019s President of Base Assets and Emerging Countries, Javier La Rosa, in New York on Tuesday, where he described the development of Aphrodite as a strategic priority for Cyprus<\/strong>.<\/p>\n The President stressed the need to maintain momentum and speed up the remaining steps towards a Final Investment Decision (FID), which would clear the way for the field\u2019s development and eventual gas production.<\/p>\n Cyprus Government Spokesman Konstantinos Letymbiotis said the meeting reaffirmed the commitment of Cyprus and Chevron to advance the project under the approved Development and Production Plan.<\/p>\n Technical and commercial work is continuing, with the next major milestone being the Final Investment Decision.<\/p>\n \u201cThe successful development of Aphrodite will constitute an important milestone for Cyprus,\u201d Letymbiotis said, adding that the project could strengthen the Eastern Mediterranean\u2019s role in European energy planning and energy security.<\/p>\n The development plan approved by Cyprus provides for a floating production unit in the country\u2019s Exclusive Economic Zone, with natural gas transported through a subsea pipeline to Egypt.<\/p>\n The Cyprus Government and the Aphrodite partners approved the revised development plan in February 2025, paving the way for further engineering work and progress towards an FID.<\/p>\n Egypt has also been working with Chevron and Cyprus to finalise arrangements for connecting Aphrodite to Egyptian infrastructure, with the gas expected to be processed and potentially re-exported through Egypt.<\/p>\n Chevron operates Aphrodite with a 35 per cent interest. Shell\u2019s BG Cyprus holds another 35 per cent, while NewMed Energy owns 30 per cent. Shell agreed in July 2026 to sell its BG Cyprus stake to Hungary\u2019s MOL Group for up to $720 million, subject to regulatory approval and completion of the transaction.<\/p>\n Aphrodite, located in Block 12 of Cyprus\u2019 EEZ, was discovered in 2011 and remains one of the island\u2019s most significant offshore gas projects. Cyprus currently estimates the field\u2019s best estimate gas in place at 5.6 trillion cubic feet based on its 2023 assessment.<\/p>\n For Nicosia, the focus is now on turning the long-running project into actual production.<\/p>\n The latest meeting with Chevron signals renewed pressure from the Cypriot government to complete the remaining technical and commercial work and reach the investment decision needed to move Aphrodite towards development.<\/p>\nGas to be exported through Egypt<\/h2>\n