We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Chevron Advances Cyprus' Aphrodite Gas Field Development
Read MoreHide Full Article
Key Takeaways
Chevron awarded Worley a FEED contract to advance development of Cyprus Aphrodite offshore gas field.
Chevron leads the Aphrodite project in Block 12 offshore Cyprus with partners Shell and NewMed.
Aphrodite could become Cyprus' first offshore gas project, with first gas targeted early next decade.
Chevron Corporation (CVX - Free Report) is advancing the development of the Aphrodite gas field offshore Cyprus by awarding a key engineering contract to Worley Limited (WYGPY - Free Report) . The agreement covers front-end engineering design (FEED) and procurement services, representing a crucial step in progressing one of the Eastern Mediterranean’s most significant offshore gas developments.
As operator of the field, Chevron continues to drive technical and engineering work to move the project closer to a final investment decision. The FEED phase will help refine the project’s technical design, cost estimates and execution strategy as the partners prepare for long-term production.
Scope of the Engineering Work
Under the contract, Worley will deliver FEED services across all major components of the Aphrodite Field Development Project. The work will cover a floating production unit, subsea infrastructure, a gas export pipeline and onshore gas receiving facilities.
The company will also oversee procurement activities for critical equipment associated with the offshore production system and related onshore infrastructure. The engineering work builds on earlier pre-FEED and bridging studies completed during the previous year, ensuring continuity in the project’s technical planning.
A Strategic Offshore Resource in the Eastern Mediterranean
The Aphrodite gas field lies roughly 160 kilometers south of Limassol within Block 12 of Cyprus’ exclusive economic zone. Spanning about 120 square kilometers, the offshore reservoir sits near other major regional discoveries, such as the nearby Leviathan gas field.
Exploration confirmed significant gas resources within the reservoir, making Aphrodite one of the most important offshore energy assets in the region. Its development is expected to contribute to the broader expansion of Eastern Mediterranean gas production and strengthen regional energy supply.
Partnership Driving the Project Forward
Chevron, currently carrying a Zacks Rank #3 (Hold), operates the Aphrodite project through its subsidiary, Chevron Cyprus, working alongside key partners, including Shell plc (SHEL - Free Report) (via BG Cyprus) and NewMed Energy. Together, the consortium is advancing the field’s development plan while coordinating closely with the Cypriot government.
Shell is a London-based oil supermajor that holds 35% interest in the project. Shell’s operations span almost every corner of the globe and the company projects that the first gas from the field will be achieved by 2032.
In early 2025, Cyprus’ Ministry of Energy approved modifications to the project’s development and production plan. These updates were designed to accelerate engineering and technical work, enabling the project to move more efficiently toward FEED completion and a final investment decision.
Building Toward Cyprus’ First Offshore Gas Production
For Chevron and its partners, the Aphrodite development represents a major milestone in Cyprus’ energy sector. The project is expected to become the country’s first offshore gas development and a cornerstone of its future natural gas industry.
The current FEED program is scheduled for completion by the end of the year, with engineering teams working across multiple countries through Worley’s global delivery model. If development proceeds as planned, the project expects first gas production early in the next decade.
By advancing the Aphrodite gas field, Chevron continues to strengthen its role in developing large-scale natural gas resources while supporting new energy opportunities in the Eastern Mediterranean.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
Chevron Advances Cyprus' Aphrodite Gas Field Development
Key Takeaways
Chevron Corporation (CVX - Free Report) is advancing the development of the Aphrodite gas field offshore Cyprus by awarding a key engineering contract to Worley Limited (WYGPY - Free Report) . The agreement covers front-end engineering design (FEED) and procurement services, representing a crucial step in progressing one of the Eastern Mediterranean’s most significant offshore gas developments.
As operator of the field, Chevron continues to drive technical and engineering work to move the project closer to a final investment decision. The FEED phase will help refine the project’s technical design, cost estimates and execution strategy as the partners prepare for long-term production.
Scope of the Engineering Work
Under the contract, Worley will deliver FEED services across all major components of the Aphrodite Field Development Project. The work will cover a floating production unit, subsea infrastructure, a gas export pipeline and onshore gas receiving facilities.
The company will also oversee procurement activities for critical equipment associated with the offshore production system and related onshore infrastructure. The engineering work builds on earlier pre-FEED and bridging studies completed during the previous year, ensuring continuity in the project’s technical planning.
A Strategic Offshore Resource in the Eastern Mediterranean
The Aphrodite gas field lies roughly 160 kilometers south of Limassol within Block 12 of Cyprus’ exclusive economic zone. Spanning about 120 square kilometers, the offshore reservoir sits near other major regional discoveries, such as the nearby Leviathan gas field.
Exploration confirmed significant gas resources within the reservoir, making Aphrodite one of the most important offshore energy assets in the region. Its development is expected to contribute to the broader expansion of Eastern Mediterranean gas production and strengthen regional energy supply.
Partnership Driving the Project Forward
Chevron, currently carrying a Zacks Rank #3 (Hold), operates the Aphrodite project through its subsidiary, Chevron Cyprus, working alongside key partners, including Shell plc (SHEL - Free Report) (via BG Cyprus) and NewMed Energy. Together, the consortium is advancing the field’s development plan while coordinating closely with the Cypriot government.
Shell is a London-based oil supermajor that holds 35% interest in the project. Shell’s operations span almost every corner of the globe and the company projects that the first gas from the field will be achieved by 2032.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In early 2025, Cyprus’ Ministry of Energy approved modifications to the project’s development and production plan. These updates were designed to accelerate engineering and technical work, enabling the project to move more efficiently toward FEED completion and a final investment decision.
Building Toward Cyprus’ First Offshore Gas Production
For Chevron and its partners, the Aphrodite development represents a major milestone in Cyprus’ energy sector. The project is expected to become the country’s first offshore gas development and a cornerstone of its future natural gas industry.
The current FEED program is scheduled for completion by the end of the year, with engineering teams working across multiple countries through Worley’s global delivery model. If development proceeds as planned, the project expects first gas production early in the next decade.
By advancing the Aphrodite gas field, Chevron continues to strengthen its role in developing large-scale natural gas resources while supporting new energy opportunities in the Eastern Mediterranean.