Arab Finance: The Ministry of Petroleum and Mineral Resources inked an agreement with Chevron to accelerate the development and production of natural gas from the Cypriot Aphrodite field and link it to Egyptian infrastructure, according to a statement.
The move aims to strengthen Egypt's position as a regional hub for energy trading and commerce.
Both Minister of Petroleum and Mineral Resources Karim Badawi and Cypriot Minister of Energy, Commerce, and Industry Michael Damianos witnessed the signing of the deal on the sidelines of EGYPES 2026.
The host government agreement aims to set an integrated governmental framework for the development of the Aphrodite field located in block 12 of Cypriot waters.
The project is set to facilitate the transport of Cypriot natural gas to Egypt via a 280-kilometer subsea pipeline, linking it to the national gas grid in Port Said.
During a panel discussion, Damianos highlighted that a portion of Cypriot gas production will be exported to European markets, with the first shipments of Cypriot gas expected to reach Egypt via the Cronos field in 2028.
He noted that Cyprus has several gas discoveries with estimated reserves of approximately 20 trillion cubic feet.
