Egypt, Chevron initial fiscal regime agreement for Cyprus’s Aphrodite gas field

Egypt and Chevron initialled a fiscal regime agreement on Tuesday to advance the development of Cyprus’s Aphrodite gas field and its connection to Egyptian infrastructure, paving the way for gas to be transported to Egypt.

Petroleum and Mineral Resources Minister Karim Badawi and Cypriot Energy, Commerce, and Industry Michael Damianos witnessed the initialling on the sidelines of the Mediterranean Offshore Conference and Exhibition (MOC 2026), held at the Bibliotheca Alexandrina from Oct. 20 to 22.

Mohamed El-Bagoury, head of the Egyptian ministry’s Central Department for Legal Affairs, signed the agreement with Javier La Rosa, Chevron’s president for Base Assets and Emerging Countries.

The agreement aims to complete the financial, commercial, and regulatory frameworks needed to advance the project, accelerate implementation and facilitate the transportation of gas from the field to Egypt.

It would enable Egypt to receive, process, and liquefy the gas for domestic and international markets, depending on market demand and the project’s economic feasibility.

The project is expected to strengthen Egyptian-Cypriot cooperation in the natural gas sector, maximise the value of Eastern Mediterranean gas resources and support gas processing, liquefaction and trade in international markets, reinforcing Egypt’s role as a regional hub for natural gas.

Subediting: Y.Yasser