- Egypt, Cyprus, and Chevron signed an MoU to advance the Aphrodite gas project, enhancing energy cooperation.
- The project will supply natural gas to Egypt, addressing rising energy demands and supporting regional energy security.
- Chevron’s 45 TCF resource base in the Eastern Mediterranean has positioned the company to meet global gas demand for years.
Egypt and Cyprus’s governments and Chevron signed a Memorandum of Understanding (MoU) on Monday, February 17, to advance the Aphrodite gas project located offshore Cyprus. The agreement marks a significant step in strengthening energy cooperation and ensuring the project’s long-term viability.
Frank Cassulo, Vice President of Chevron International Exploration and Production, expressed enthusiasm about the deal. “This MoU lays the foundation for further commercial arrangements,” he said. Cassulo reaffirmed Chevron’s commitment to developing the Aphrodite project with its Joint Venture partners. He emphasised the project’s importance for Cyprus and its role in Chevron’s Eastern Mediterranean strategy.
The project will supply natural gas to Egypt, helping to meet the country’s growing energy demands. Cassulo stressed the Aphrodite project’s significance in supporting regional energy security and boosting cooperation between Egypt and Cyprus.
The approved Development and Production Plan (DPP) establishes a Floating Production Unit (FPU) within Cyprus’ exclusive economic zone (EEZ) and includes a pipeline to transport gas to Egypt. This infrastructure will allow the project to meet local and regional energy needs efficiently.
Chevron holds an estimated 45 trillion cubic feet (TCF) of gas resources in the Eastern Mediterranean, positioning the company to meet rising global demand in the coming years. Cassulo noted that Chevron’s regional assets are designed for long-term reliability and sustainability.
Through this project, Chevron aims to promote economic growth and deepen regional energy partnerships. As the company develops global projects, it remains focused on strengthening energy security regionally and internationally.
The Aphrodite project will play a crucial role in Chevron’s operations across the Eastern Mediterranean and contribute to meeting the region’s energy needs. Its long-term potential underscores its significance for the future of regional energy markets.
This MoU marks a critical step toward the successful development of the Aphrodite gas project, reinforcing the importance of cross-border energy collaboration between Egypt, Cyprus, and Chevron.