The Memorandum of Understanding (MoU) signed on Monday between the governments of Egypt and Cyprus, alongside Chevron, marked a significant milestone in advancing key commercial agreements for the Aphrodite gas project, located offshore Cyprus. The agreement strengthens the project’s long-term viability and supports regional energy collaboration.
Frank Cassulo, Vice President of Chevron International Exploration and Production, expressed optimism about the agreement, stating: “We welcome this MoU. It will provide the basis to move forward with related commercial arrangements.” He reaffirmed Chevron’s commitment to developing the Aphrodite project alongside its Joint Venture partners, emphasizing its strategic importance both for Cyprus and for Chevron’s Eastern Mediterranean portfolio. He also highlighted the project’s role in supplying natural gas to Egypt, helping to meet the country’s increasing energy demand.
The approved Development and Production Plan (DPP) includes the establishment of a Floating Production Unit (FPU) within Cyprus’ Exclusive Economic Zone (EEZ) and a pipeline to export gas to Egypt. Chevron’s extensive resource base in the Eastern Mediterranean, estimated at 45 trillion cubic feet (TCF) of gross resources, offers significant expansion opportunities to meet growing natural gas demand in the coming decades.
Cassulo underscored the Aphrodite project’s long-term significance, stating that it will become an integral part of Chevron’s regional network of high-reliability assets. He concluded by noting that as Chevron advances its global projects, the company remains committed to fostering economic growth and strengthening both regional and global energy security.
