Aphrodite gas project decision possible in early 2027, first gas targeted for 2029 or 2030

Nicosia, Cyprus. Cyprus’ energy minister said a final investment decision on the Aphrodite gas concession could be taken early next year, with first natural gas expected to reach the market by 2029 or 2030.

Project planning and timeline

Energy Minister Michael Damianos said the Aphrodite reservoir, located in Block 12 of Cyprus’ exclusive economic zone, is currently undergoing a Front-End Engineering Design (Feed) study by the concession holders.

He described Feed as a crucial project planning phase conducted after feasibility studies to define technical requirements, risks, and costs before full investment.

The concession holders, Chevron, Shell and NewMed Energy, may take their final investment decision in January 2027, Damianos said.

“So potentially the first natural gas from Aphrodite will come two to three years after the final investment decision,” he said.

Ishai prospect and unitisation talks

Damianos said Israel’s Ishai gas prospect would not obstruct commercial deals for Aphrodite.

A small part of Aphrodite extends into the Ishai field, and Cyprus and Israel are in talks aimed at reaching a unitisation agreement to compensate the owners on the Israeli side.

“It’s not necessary for there to be an agreement on Ishai for Chevron to go ahead with monetising Aphrodite,” Damianos said.

“That is why we’re moving forward, although obviously if there were an agreement [with Israel] that would help,” he added.

He said he was confident an agreement on Ishai could be reached in the “next few weeks or months.”

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