Partners in the Aphrodite natural gas reservoir offshore Cyprus approved the start of front-end engineering and design (FEED) work for the field’s production systems and export infrastructure on 22 December 2025.
The decision enables FEED spending of about $105.7 million on a 100% basis, with NewMed Energy’s share estimated at around $31.7 million.
The Aphrodite reservoir, discovered in Block 12 in Cyprus’ exclusive economic zone, holds an estimated 3.5 trillion cubic feet of gas. The project is being progressed under an updated development plan that includes production facilities and transmission infrastructure intended to export gas.
Field partners include Chevron Cyprus, acting as operator, and BG Cyprus, part of Shell, each holding a 35% interest, alongside NewMed Energy, which holds the remaining 30%.
The FEED approval follows earlier partner endorsement of the Aphrodite field’s 2026 budget, totaling approximately $111.5 million, with most of the budget contingent on agreement to proceed with FEED.
Negotiations are continuing between the partners and authorities in Cyprus and Egypt on exporting gas from the reservoir to Egypt, with the stated aim of reaching binding agreements, according to NewMed Energy.
The partners said earlier that natural gas supply from the Aphrodite gas field is expected to commence in 2031.
Source: Company Press Release, Offshore Engineer
