French boost for project to link power grids of Greece and Cyprus - KATHIMERINI

05.08.2026 • 17:32

The bid to link the power grids of Greece and Cyprus received a new boost Wednesday with French investment group Meridiam joining the Great Sea Interconnector project as a majority stakeholder, in an agreement with a strong financial and geopolitical footprint.

The deal signed at the Greek prime minister’s Athens office, in the presence of Kyriakos Mitsotakis, opens a new chapter in one of the biggest and most complex energy projects in the eastern Mediterranean Sea.

Mitsotakis hailed the agreement as “an important step forward” for the GSI, which he called “a project of strategic importance for Greece and Cyprus but also for Europe as a whole.”

“It will help essentially end Cyprus ‘s energy isolation,” Mitsotakis said.

Shell agrees to sell BG Cyprus Limited - SHELL

31 Jul 2026

London – Shell has reached an agreement to sell its 100%-owned subsidiary BG Cyprus Ltd. to MOL Group for up to $720 million, subject to customary adjustments and milestone-linked contingent payments.

BG Cyprus Ltd. holds a 35% non-operated interest in the Cyprus Offshore Block 12, containing the Aphrodite gas field in the eastern Mediterranean. All produced gas is expected to be sold to the Egyptian Natural Gas Holding Company (EGAS). Shell has worked with the Government of Cyprus and the joint venture partners to progress the Aphrodite project to this point and selling to MOL Group will allow Shell to capture the value created, while the remaining project partners work towards a final investment decision.

“We believe Aphrodite remains an attractive development opportunity and will play an important role in supporting regional energy needs,” said Cederic Cremers, Shell’s Integrated Gas President. “Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain.”

Egypt remains an important country for Shell, where we continue to have a significant presence.

The transaction is expected to complete in early 2027, subject to regulatory approval and closing conditions.

San Donato Milanese (Milan), 28 July 2026 - Eni has reached the Final Investment Decision (FID) to develop Cronos project, in deep waters offshore Cyprus, with the target to bring the first Cypriot gas to market in 2028.

The project, operated by Eni, will bring to production the gas volumes from Cronos field, in Block 6, which holds more than 3 Tcf of gas initially in place (GIIP). Production is expected to reach a plateau of 500 mmscf/d; gas will be transported and processed in existing Zohr facilities, in Egypt, then transferred and liquefied in Damietta LNG plant for export as LNG to international markets, primarily Europe.

Eni CEO Claudio Descalzi commented: “Cronos fast-track initiative marks a concrete milestone in positioning Cyprus as a European gas producer and exporter and it unlocks the establishment of a regional gas hub in the Eastern Mediterranean by leveraging Egypt’s existing hydrocarbon infrastructure. It is furthermore an example of international cooperation and a concrete contribution to the diversification and security of Europe’s gas supply”.

‘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.

Cyprus, Energy Routes, and U.S. Interests in the Eastern Mediterranean - MIDDLE EAST FORUM

April 16, 2026

Nicoletta Kouroushi

Cyprus is moving to commercialize its natural gas through Egypt, using existing infrastructure to reach European markets. This reflects a broader shift in the Eastern Mediterranean, where energy influence depends less on ownership of resources and more on control of infrastructure and export routes.

Rather than Pursuing Large-Scale Infrastructure, States Increasingly Rely on Flexible Arrangements Built Around Existing Systems

The Cyprus-Egypt framework agreement establishes the basis for routing gas from offshore fields such as Kronos and Aphrodite to Egyptian liquefaction facilities for export. By relying on existing terminals, Cyprus reduces costs, shortens timelines, and avoids the political and technical risks associated with new pipeline projects.

The agreement strengthens Egypt’s role as a regional liquefied natural gas hub while providing Cyprus with its first export pathway.

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.

TotalEnergies to enter Block 8 offshore Lebanon - OIL & GAS JOURNAL

Jan. 9, 2026

TotalEnergies signed an agreement with the Lebanese government for the Block 8 exploration permit offshore Lebanon.

As part of the initial work program, TotalEnergies will acquire a 1,200-sq-km 3D seismic survey to further assess the area’s exploration potential.

TotalEnergies was awarded Block 8 in the Third Offshore Licensing round. TotalEnergies is operator of the block (35%) with partners Eni (35%) and QatarEnergy (30%).

Block 8 lies about 70 km off the southern coast of Lebanon in water depths of 1,700-2,100 m.