On July 22, 2026, partners in the Aphrodite gas field, including NewMed Energy, Chevron, Shell, and the Cyprus Hydrocarbons Company, signed a Memorandum of Understanding (MoU) with Egypt’s state-owned EGAS for the sale of all recoverable natural gas from the field located in Block 12 of the Cypriot Exclusive Economic Zone. While this MoU marks a significant milestone, it does not constitute a final commercial contract; parties are currently negotiating a binding gas supply agreement. Additionally, the partners expect to sign a Host Government Agreement (HGA) with the Egyptian government in the coming weeks to develop the necessary offshore transportation infrastructure. The Cypriot Minister of Energy, Michalis Damianos, confirmed that the final investment decision (FID) for Aphrodite is expected from Chevron in January 2027, with the first production targeted for late 2030 or 2031.

Simultaneously, progress continues on the Kronos gas field in Block 6. According to reports from Bloomberg, TotalEnergies and Eni are working to finalize a final investment decision by the end of July 2026. The Kronos project, which holds estimated reserves exceeding 3 trillion cubic feet, is intended to supply natural gas to European markets by utilizing existing liquefaction infrastructure in Egypt. This development is considered vital for Europe’s energy security as it seeks to diversify supply sources following ongoing regional geopolitical instabilities.