Partners in the Aphrodite natural gas reservoir offshore Cyprus have approved the start of front-end engineering and design (FEED) work for the field's production systems and export infrastructure.
The decision, taken on December 22, 2025, clears the way for FEED spending of about $105.7 million on a 100% basis, with NewMed Energy’s share estimated at around $31.7 million.
The Aphrodite reservoir, discovered in Block 12 in Cyprus’ exclusive economic zone and holding an estimated at 3.5 trillion cubic feet of gas, is being developed under an updated plan that includes production facilities and transmission infrastructure to export gas.
The Aphrodite field partners are Chevron Cyprus, which acts as the operator, and BG Cyprus, part of Shell, each holding a 35% interest, along with NewMed Energy, which holds the remaining 30%.
The FEED decision follows earlier approvals of the 2026 budget for the Aphrodite field, which totals approximately $111.5 million, of which most was contingent on the partners agreeing to proceed with FEED.
Negotiations are continuing between the project partners and authorities in Cyprus and Egypt over the export of gas from the reservoir to Egypt, with the aim of reaching binding agreements, according to NewMed Energy.
The supply of natural gas from the Aphrodite gas field is expected to commence in 2031, the partners said earlier.