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US-based Chevron has signed an agreement with the governments of Egypt and Cyprus related to the Aphrodite gas project, which is located in the territorial waters of Cyprus.

Frank Cassulo, vice president of Chevron International Exploration & Production, said he welcomed the signing of the memorandum of understanding.

“It will provide the basis to move forward with related commercial arrangements,” he said.

“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 includes a floating production unit – also known as a gas processing facility – in the Cypriot Exclusive Economic Zone, and a pipeline for exporting gas to Egypt.

Chevron has reserves of 45 trillion cubic feet of gas in the Eastern Mediterranean, and said that it has expansion opportunities to support natural gas demand growth in the coming decades. 

The US-based company said that it anticipates that Aphrodite will become a key part of its regional network of reliable assets.

Earlier this month, France’s TotalEnergies and Italy’s Eni signed an agreement with Cyprus and Egypt to allow gas from Cyprus to be exported via the North African country.

Total Energies and Eni are partners in Block 6, which is located in the territorial waters of Cyprus.

In a statement, TotalEnergies said that the two companies had signed a host government agreement in relation to Block 6.

The agreement was signed during the Egypt Energy Show by Egypt’s Petroleum & Mineral Resources Minister, Karim Badawi, and George Papanastasiou, Cyprus’ Energy, Commerce & Industry Minister.

TotalEnergies said that the deal is “a key milestone towards the development of the Cronos gas field”.

The Cronos field was discovered in 2022 and is located in Block 6. It was successfully appraised in February 2024.

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