Chevron welcomes MoU on Aphrodite gas project
Chevron, one of the world's leading integrated energy companies, has welcomed the memorandum of understanding (MoU) with Cyprus and Egypt governments on the Aphrodite gas project as a positive step for the development.
The governments of Egypt and Cyprus and Chevron on Monday signed agreements enabling the export of gas from Aphrodite gas project (offshore Cyprus) to Egypt for liquefaction and re-export to Europe.
The deals signed at the 2025 Egypt Energy Show formalise a long-anticipated plan to link Cypriot reserves to Egypt's liquefied natural gas (LNG) facilities, a move that leverages Egypt's existing infrastructure to process and ship natural gas to European markets, a Reuters report said.
Chevron said the MoU is a significant achievement as it will help to progress key commercial agreements related to the Aphrodite gas project, and support the success of this important asset.
'We welcome this MoU. It will provide the basis to move forward with related commercial arrangements,' said Frank Cassulo, Vice President, Chevron International Exploration & Production.
'Chevron and our joint venture partnership remains committed to developing and advancing the Aphrodite project, which is a significant resource for Cyprus and an important part of Chevron's Eastern Mediterranean portfolio as well as providing natural gas supplies to Egypt to help meet the country's growing energy demand.'
The approved Development and Production Plan (DPP) includes a Floating Production Unit (also known as a gas processing facility) in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for exporting gas to Egypt. Chevron has a large resource base in the Eastern Mediterranean (45 TCF gross resource) with attractive expansion opportunities to support natural gas demand growth in the coming decades.
'We anticipate Aphrodite will over time be a key part of our regional network of highly reliable assets. As we advance any of our global projects, we can facilitate economic growth, enhance regional and global energy security,' Chevron said. – TradeArabia News Service
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