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.
Meanwhile, Cypriot officials told Reuters that the new agreement lays the groundwork for further deals, including potential sales from the Cronos and Aphrodite fields to Egypt or Egyptian state‑owned companies
The agreement follows the framework agreement signed by the Egyptian and Cypriot presidents during the Egypt Energy Show EGYPES 2026 on March 30 to deepen gas cooperation.
The deal is a part of Egypt’s efforts to diversify its energy sources to secure a gas supply. These efforts include incentives to encourage foreign partners to expand their exploration and production activities by adopting a plan to fully settle their arrears by June.
SOURCE
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.
Meanwhile, Cypriot officials told Reuters that the new agreement lays the groundwork for further deals, including potential sales from the Cronos and Aphrodite fields to Egypt or Egyptian state‑owned companies
The agreement follows the framework agreement signed by the Egyptian and Cypriot presidents during the Egypt Energy Show EGYPES 2026 on March 30 to deepen gas cooperation.
The deal is a part of Egypt’s efforts to diversify its energy sources to secure a gas supply. These efforts include incentives to encourage foreign partners to expand their exploration and production activities by adopting a plan to fully settle their arrears by June.
SOURCE
