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Green Light for 'Aphrodite' Exploitation: FEED Phase Approved with $106 Million

Published December 29, 2025, 10:16
Green Light for 'Aphrodite' Exploitation: FEED Phase Approved with $106 Million

The partners of the 'Aphrodite' natural gas field in the exclusive economic zone (EEZ) of Cyprus have approved a budget of approximately $105.7 million to begin the Front-End Engineering and Design (FEED) phase. This decision marks a significant step in the further development of the field, which is considered key to Cyprus's energy independence and economic recovery. The 'Aphrodite' field was discovered in 2011 and is estimated to contain approximately 98 billion cubic meters (bcm) of proven reserves, with the potential for an additional 26 bcm of prospective resources. Its location, near the 'Leviathan' field in Israel, makes it strategically important for the region. The main partners are Chevron (operator with 35%), Shell (35%), and NewMed Energy (30%). The development plan envisages the extraction and processing of gas through four wells connected to a Floating Production Unit (FPU). The partners are in negotiations to export the gas to Egypt. This progress follows amendments to the development plan and the Production Sharing Contract (PSC), which were approved earlier in 2025. The FEED phase is expected to lead to a final investment decision (FID), boosting the prospects for commercial exploitation. The development of 'Aphrodite' is expected to have a transformative impact on Cyprus.