‘Goal is to sell first Cyprus gas in 2028’ - CYPRUS MAIL

Tuesday 19 May
Tom Cleaver

Cabinet on Tuesday approved the development and production plan for the Kronos gas field, which is located in Block 6 of Cyprus’ Exclusive Economic Zone (EEZ), with President Nikos Christodoulides stressing the importance of the plan’s approval ahead of the day’s cabinet meeting.

“Let me remind you that the first discovery in the Republic of Cyprus’ Exclusive Economic Zone was in 2011, and 15 years later, we are taking, I believe, the most important decision regarding the state of natural gas exploitation,” he said.

He added that in addition to the development and production plan, cabinet would also approve “the agreements concerning the basic terms of sale of Cypriot natural gas”.

“This is a very important development for the utilisation of our country’s energy resources. The goal is to sell the first Cypriot natural gas to Europe through Egypt in 2028 and we are approving all the relevant agreements,” he said.

Egypt to Buy Entire Output of Cyprus’s Aphrodite Gas Field in 15-Year Agreement - EGYPT OIL & GAS

Thursday, 9th April 2026

Sherine Samir

The Egyptian Natural Gas Holding Company (EGAS) has signed a 15‑year agreement to buy the entire output of the Cypriot Aphrodite gas field, with an option to extend the deal for an additional five years, Bloomberg reported, adding that the field would start production in about six years

EGAS signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, The Aphrodite partners, and Egypt also agreed on a framework to develop a gas transmission system off the Mediterranean coast, noted the news agency.

Cairo and the Aphrodite partners will set up a company under the name Aphrodite Midstream Co. in Egypt to implement the gas transmission system, noted Bloomberg, citing a statement by Newmed company, which owns a 30% stake in the Aphrodite license, while Chevron Corp. and Shell Plc hold 35% each.

Chevron awarded four offshore leases for Greece exploration blocks - CHEVRON

Supports strategy to enhance exploration portfolio and efforts in Mediterranean region

HOUSTON, February 16, 2026 - Chevron Corporation (NYSE: CVX), via its four Dutch subsidiaries, together with HELLENiQ ENERGY has today signed Lease Agreements with the Hellenic Republic which will enable exploration of four blocks offshore Greece.

The blocks are located south of Crete (South Crete 1, South Crete 2) and within the Peloponnese (South of Peloponnese, and Block A2). The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY a 30% interest, was selected following an international call for tender launched by the Greek government in 2025.

"This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio," said Kevin Mclachlan, Vice President of Exploration at Chevron.

INTERVIEW: Israel’s domestic gas needs hold sway ahead of latest exploration round - S&P Global

January 23, 2026
Matt Hoisch

Even as producers push to expand gas exports from Israel following a decade of dramatic growth that has seen it morph into a key regional supplier, domestic needs remain a priority for the country ahead of its fifth offshore gas exploration round, Israel's Petroleum Commissioner at the Ministry of Energy and Infrastructure told Platts, part of S&P Global Energy, in a recent interview.

"Israel is a developed country, but we're still emerging," Chen Bar-Yosef said. "We think we should have more gas findings and exploration in order to make sure that for the long run we are ready, and we have our sufficiency of supply for all our needs."

Those needs are growing. One burgeoning driver is the artificial intelligence industry.

"Israel is and wants to be part of the AI world," Bar-Yosef said. "We think AI and AI data centers will come to Israel and therefore we want to be ready."

The commissioner was adamant electricity "should come first from renewables" with gas as "complementary."

Even so, annual domestic gas needs are projected to grow over the coming decade from some 14 Bcm to 20-24 Bcm by 2035, he said.

Chevron takes Final Investment Decision on Leviathan gas expansion - CHEVRON

Project increases affordable, reliable gas for
Israel, Egypt and Jordan

HOUSTON, January 16, 2026 – Chevron Corporation (NYSE: CVX) by its subsidiary, Chevron Mediterranean Limited (CML), and the working interest owners of the Leviathan natural gas reservoir have reached a Final Investment Decision (FID) to expand the production capacity of the strategic Leviathan production platform located offshore Israel.

“Chevron is a leading energy player in the Eastern Mediterranean where we are focused on natural gas production and exports. Our operations are critical to meeting the growing energy needs of local and regional markets,” said Clay Neff, president of Chevron Upstream.

“Our decision to invest in the expansion of Leviathan’s production capacity reflects our confidence in the future of energy in the region. Pragmatic U.S. and regional energy policies are helping to strengthen energy security across the Eastern Mediterranean and foster an environment that encourages investment in the Middle East and globally.”

The Leviathan expansion project is expected to come online towards the end of this decade.

Israel approves $35 bil Egypt gas export deal - S&P Global

December 18, 2025
Matt Hoisch

The Israeli government has approved the previously-announced $35 billion agreement to expand gas exports from the country's Leviathan offshore gas field to Egypt, Prime Minister Benjamin Netanyahu said late Dec. 17, in what he described as "the largest gas deal in Israel's history."

"This deal greatly strengthens Israel's status as a regional energy power and contributes to stability in our region," he said while addressing the country. "It encourages other companies to invest in gas exploration in Israel's economic waters."

The agreement will see some 130 Bcm of gas flow to existing Leviathan offtaker Blue Ocean Energy to 2040 "or until all contract quantities are fulfilled," according to statements from NewMed Energy, one of the partners in the Leviathan field.

It will replace an existing export agreement due to end in the early 2030s.

Israel's Leviathan signs $35 billion natural gas supply deal with Egypt - REUTERS

August 7, 20253:38 PM GMT+3

Steven Scheer and Marwa Rashad

JERUSALEM/LONDON, Aug 7 (Reuters) - Israel's Leviathan natural gas field has signed the largest export agreement in the country's history, worth up to $35 billion to supply gas to Egypt, NewMed , one of the partners in the field, said on Thursday.

The deal should ease an energy crisis in Egypt, which has spent billions of dollars on importing liquefied natural gas since its own supplies fell short of demand.

Egypt's production began declining in 2022, forcing it to abandon its ambitions to become a regional supply hub. It has increasingly turned to Israel to make up the shortfall.

Exports from Leviathan were halted during a 12-day war between Israel and Iran in June for security reasons, but have since resumed.

Under the deal announced on Thursday, Leviathan, off Israel's Mediterranean coast, with reserves of some 600 billion cubic metres, will sell about 130 bcm of gas to Egypt through 2040, or until all of the contract quantities are fulfilled.

The gas is pumped via pipelines, which makes it cheaper than LNG, the cost of which is inflated by the super-cooling required to make it a liquid that can be transported by ship and regasifying it when it reaches its destination.

"It's much, much, much, much better, like dramatically better, than any LNG alternative, and it will save billions of dollars to the Egyptian economy," NewMed CEO Yossi Abu told Reuters in an interview on Thursday.

Cypriot Cronos Natural Gas Field to be Connected to Egypt by 2027 - EGYP OIL & GAS

Sunday, 27th July 2025
Sarah Samir

Karim Badawi, the Minister of Petroleum and Mineral Resources, met with George Papanastasiou, Cypriot Minister of Energy, Commerce, and Industry, in Nicosia. Senior representatives from Eni and TotalEnergies also attended the meeting. The discussion focused on the progress of Cyprus’s Cronos natural gas field, which is scheduled to be linked to Egypt’s energy infrastructure by 2027.

Within the framework of the Steering Committee overseeing the development of Cyprus’s Cronos natural gas field, Egypt and Cyprus reiterated their commitment to the project’s agreed timelines. The committee further reviewed the status of the technical and implementation agreements, now in their final stages of preparation for a definitive investment decision expected this year.

Badawi stressed Egypt’s readiness to complete the project and establish a new regional energy corridor. He emphasized that this would enhance regional cooperation and benefit both countries. He also stressed Egypt’s commitment to removing any obstacles the project may encounter.

Chevron to begin hydrocarbon drilling in 2026 - KATHIMERINI

01.04.2025 • 23:36

US energy giant Chevron is set to launch its first exploratory drilling for hydrocarbons south of Crete in 2026, Environment and Energy Minister Stavros Papastavrou said on Monday.

“This depends on the company’s scheduling, but I believe that if we move forward with the procedures within the year, we will see the first drilling in 2026,” the minister said on Action24 TV.

Papastavrou discussed energy cooperation with US Interior Secretary Doug Burgum, who also chairs the National Energy Dominance Council. Their talks focused on Greece-US strategic ties and recent developments in energy projects, including Chevron’s interest in offshore blocks “South Crete I” and “South Crete II.”

Egypt and Eni-Total consortium to sign deal on processing Cypriot natural gas for export - ASSOCIATED PRESS

January 24, 2025
MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) — Egypt and a consortium made up of energy companies Total of France and Italy’s Eni will next month sign a key agreement to transport natural gas from an undersea deposit inside Cypriot waters to Egypt where it will be liquefied and processed for export, officials said Friday.

Cypriot Energy Minister George Papanastasiou described the agreement as “most significant” because it allows the consortium to sort out all the technical details on how to get the gas from the Cronos gas deposit to Egyptian processing plants for liquefaction and eventual export to markets including Europe.

Papanastasiou said the Eni-Total consortium, which holds exploratory licenses for seven of 13 areas or blocks inside Cyprus’ offshore economic zone, will make a final decision on how it will extract and convey the gas before the summer this year.

A recent assessment indicates that Cronos is estimated to hold more than the Aphrodite deposit, the first major discovery inside Cypriot waters which is estimated to contain 4.2 trillion cubic feet of gas.

The so-called host-government agreement will be signed at Egypt’s energy summit that will be held between Feb. 17-19, said Egyptian Oil Minister Kadim Badawi, who met earlier with Cypriot President Nikos Christodoulides.

"Electra" and "Pegasus" Shape Cyprus’s Energy Future - FAST FORWARD

08 Jan 2025

ExxonMobil has completed all necessary preparations to begin exploratory drilling at the "Electra" target within Block 5 of Cyprus’s Exclusive Economic Zone (EEZ). Drilling is expected to commence within the next two weeks, marking one of the most significant initiatives by ExxonMobil and Qatar Energy in the region. The company also plans to explore the "Pegasus" target, leveraging seismic data to identify potential reserves and contribute to Europe's energy solutions amid challenges stemming from the war in Ukraine.

Mediterranean Energy in Focus

As Brief reports, ExxonMobil’s plans align with the broader shift in global energy strategies, as the European Union seeks to secure its energy future. Investors are closely monitoring developments in the Mediterranean, a region that promises energy security alongside economic benefits.

‘Energy giants from Gulf states’ interested in Cypriot natural gas - CYPRUS MAIL

15 November 2024

Tom Cleaver

“Energy giants from Gulf states” are interested in possibly drilling for natural gas in Cyprus’ Exclusive Economic Zone (EEZ), President Nikos Christodoulides said on Friday.

Addressing the Energy symposium in Nicosia, he said this interest constitutes a “vote of confidence in the prospects of Cyprus’ EEZ”.

He said work is “progressing intensively” regarding the ‘Aphrodite’ deposit in block 12, with Energy Minister George Papanastasiou having said last week that the revised plan for the deposit submitted by American corporation Chevron in September is now being “discussed at a technocratic level”.

On the matter of the ‘Kronos’ reservoir, he said Italian energy company Eni are expected to submit a development plan soon, and that he had held a telephone conversation with the company’s head Claudio Descalzi on Thursday.

Papanastasiou said last week that Eni is “fast tracking” the process.

“We expect this month or next for there to be a development and production plan” for the deposit in question, Papanastasiou said, adding that the gas from the ‘Kronos’ reservoir will also be taken to Egypt for liquefaction and subsequent export.

Regional conflict prompts Chevron to halt Leviathan pipelay - OFFSHORE

Oct. 8, 2024

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called 'Noble Energy' at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

The Leviathan reservoir was discovered in December 2010 by NewMed Energy (with a working interest of 45.3%), Chevron (which was called "Noble Energy" at the time, with a working interest of 39.7%) and Ratio (with a working interest of 15%).

Chevron Mediterranean suspended installation activities related to the third subsea gas export pipeline from the deepwater Leviathan field offshore Israel to the near-shore platform on Oct. 6.

Chevron partners greenlight $24m investment to boost gas production at offshore site - THE TIMES OF ISRAEL

18 February 2024, 6:13 pm

Sharon Wrobel  

US energy giant Chevron and its partners in the Tamar reservoir off the country’s Mediterranean coast on Sunday announced a decision to invest $24 million to bolster natural gas production capacity from the offshore field.

The investment is part of a two-phase plan aimed at expanding natural gas production capacity to about 1.6 billion cubic feet (BCF) a day from the Tamar field, located west of Ashkelon, to meet Israel’s energy needs and to export gas to Egypt.

The Tamar partners okayed a so-called final investment decision (FID) needed to proceed with the second phase of the gas production expansion project.

“Reaching FID for Phase Two of Tamar’s expansion reflects Chevron’s ongoing commitment to partnering with the State of Israel to continue development of its energy resources for the benefit of domestic and regional natural gas markets,” said Jeff Ewing, managing director of Chevron’s Eastern Mediterranean Business Unit.

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - ABC NEWS / ASSOCIATED PRESS

December 1, 2023, 2:09 PM
Menelaos Hadjicostis

NICOSIA, Cyprus -- The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday. The field is estimated to hold 4.2 trillion cubic feet of gas.

The agreement is “mutually beneficial" for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details.

It was not immediately clear when the deal was reached. The official spoke on condition of anonymity because he was not authorized to discuss the agreement publicly.

Final Decisions for ‘Aphrodite’ gas field to be made today - IN-CYPRUS

20 November 2023

The final decisions regarding the development of the ”Aphrodite’ gas field are expected to be made today, as the government presents its ultimate verdict to Chevron regarding a potential extension for compliance with the Front-End Engineering and Design (FEED) commencement milestone.

Recalling the terms of the Proportional Sharing Agreement, agreed upon in 2019, the milestone for the initiation of the Front-End Engineering and Design (FEED) development of the field was set for November 7, 2023.

However, a modified development plan was submitted by the company last May, which was rejected by the Republic of Cyprus last August.

Following this, two extensions to the consultation process were granted, with the final deadline set for November 5

The consortium subsequently requested a four-month extension to the entire process.

Two-week lifeline as ''Aphrodite'' negotiations extend amid deadlock - KNEWS

06 NOVEMBER 2023 - 08:29

With the deadline for Chevron's proposal on the "Aphrodite" reservoir set to expire on Sunday, November 5, negotiations between the Republic of Cyprus and the consortium of "12" (Chevron, Shell, NewMed) led by the American giant for the development of the reservoir seem to remain in a deadlock. The negotiations, which started last August after Nicosia rejected the development plan for the reservoir, have gone through several phases. However, the main differences persist regarding the Floating Production Unit (FPU) and various other economic aspects compared to the initial development plan submitted by the consortium in 2019, prior to Noble Energy's departure. Unless an unforeseen event occurs, a two-week extension to Chevron is expected to be granted, as the visit of Clay Neff, a high-ranking executive of the American company, to Nicosia, aimed to break the deadlock. Nevertheless, the negotiations and the firm stances of both sides do not bode well for any significant progress, leading to further delays in the Aphrodite project.

Cyprus, Chevron-led group extend talks over gas plan, minister says - REUTERS

September 29, 20238:56 PM GMT+3Updated 2 days ago

NICOSIA, Sept 29 (Reuters) - Cyprus and international energy companies led by Chevron (CVX.N) have agreed to extend talks on how to develop its Aphrodite offshore gas field amid progress in negotiations, its energy minister said on Friday.

"It is not a new negotiating round, it's an extension, because there is progress in the conversation," Energy Minister George Papanastasiou told Reuters, confirming a report in the authoritative Middle East Economic Survey (MEES) journal that talks would be extended to Nov. 5.

To avoid "working against the clock" in the negotiation, he said, "we extended it". "It was a mutual extension, the contract allowed any extra extension so this is what we did," he said.

"We believe that by Nov. 5, we will arrive to an agreement," he added.

Chevron did not immediately respond to a request for comment.

Nicosia disagreed with modifications proposed by Chevron and its partners earlier this year to a 2019 agreement to develop the estimated 3.5 trillion cubic foot (tcf) gas field, particularly a proposal to remove what Cyprus considers essential processing infrastructure on the sea surface.

US backs Chevron in dispute with Cyprus over giant gas field - REUTERS

September 2, 20234:42 AM GMT+8

By Ron Bousso, Timothy Gardner and Michele Kambas

LONDON, Sept 1 (Reuters) - Washington has weighed into a dispute between Cyprus and international companies led by Chevron over how to develop a giant offshore gas field, backing the U.S. company's plan to link it to neighbouring Egypt, two industry sources and a U.S. source said on Friday.

The Chevron-led (CVX.N) consortium proposed connecting the Aphrodite gas field via a subsea pipeline and existing infrastructure to Egypt, where the gas can be sold in the domestic market or liquefied and shipped to Europe, which has largely been cut off from Russian supplies.

Cypriot Energy Minister George Papanastasiou confirmed that the government had rejected the latest plan, which omitted a previous proposal to build a floating gas processing plant at the field which lies 160 kilometres (100 miles) southeast of Cyprus.

"The modification has been rejected. The expectation of the Republic of Cyprus is (that) the consortium honours what was mutually agreed by the parties in 2019," Papanastasiou told Reuters.

Cyprus rejects development plan for Chevron-led gas field - OFFSHORE TECHNOLOGY

August 28, 2023

Cyprus has rejected development plan submitted by a Chevron-led consortium for the Aphrodite gas field located in Block 12 of the exclusive economic zone of Cyprus, reported Bloomberg News citing the country’s Energy Minister Giorgos Papanastasiou.

The Aphrodite field, which was discovered in 2011, is located 160km south of Limassol and 30km northwest of the Leviathan field.

Without disclosing the reason for turning down the plan, Papanastasiou told the news agency that the project parties can now “enter into discussions to reach an agreement within a period of 30 days”, effective from 25 August 2023.

Chevron holds 35% stake in the field while other partners include Shell (35%) and Israel’s NewMed Energy (30%).