A new agreement is taking shape around the development of Cyprus’ Aphrodite gas field, as NewMed Energy moves forward with plans to export natural gas to Egypt.
The company has signed a memorandum of understanding covering the potential sale of approximately 100 billion cubic meters of gas from the offshore field. The proposed arrangement would operate for up to 15 years, or until the field’s commercial output is exhausted, whichever occurs first. There is also an option for a five-year extension, subject to the partners’ decision.
According to NewMed CEO Yossi Abu, the agreement represents a milestone in bringing the Aphrodite project closer to production. He emphasized that securing export terms is a crucial step toward reaching a Final Investment Decision (FID), which would ultimately unlock development and extraction activities.
The deal also reflects regional dynamics. Abu emphasized natural gas as a driver of cooperation in the region of the Eastern Mediterranean, suggesting that agreements like this can strengthen cross-border partnerships and potentially lead to further international energy deals.