First major gas discovery in the Cyprus EEZ. The February 2026 NSAI resource report puts 2C contingent resources at ~2.9 tcf for the sanctioned first phase (plus ~0.8 tcf "development unclarified"; ~3.7 tcf total). The concept is four production wells tied to a floating production unit (~800 mmcf/d) exporting via a new ~$2 bn subsea pipeline to Port Said, Egypt (field capex ~$4 bn). Development plan approved February 2025, FEED underway since December 2025; in April 2026 a 15-year term sheet was initialed with Egypt's EGAS for the entire output (~700 mmcf/d). FID is targeted for late 2026 – 2027, with first gas around 2030–31. A January 2026 in-principle deal with Israel resolved the Ishai unitization dispute via one-time compensation.

Deep Dive

Aphrodite Development Tracker

Development plan, milestones and export route analysis

Development Status

In Development

Field development plan approved, infrastructure under construction.

Discovered

Appraised

In Development

Producing

Wells

Aphrodite-1 (Cyprus A-1)

Exploration • Completed • Spudded 2011

Discovery

Aphrodite-2 (Cyprus A-2)

Appraisal • Completed • Spudded 2013

Discovery

Aphrodite-3 (Cyprus A-3)

Appraisal • Completed • Spudded 2023

Consortium

Located in

Block 12

Operated by Chevron

Technical Data

Discovery: 2011
Water Depth: 1,689m
Reserves (Low): 2.9 tcf
Reserves (High): 3.7 tcf
Coordinates: 33.17°N, 33.31°E

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