Cyprus faces potential revenue losses from Aphrodite field due to Chevron's fee demands

Energy expert Charalambos (Charles) Ellinas reported on October 19, 2026, that Cyprus is in a difficult position regarding new fee demands from Chevron for the Aphrodite gas field. Chevron and its partners are requesting a fee of $3 per million British thermal units (MMBTU) for the use of pipelines transporting gas to Egypt, a cost that significantly impacts Cyprus's potential profit margins.

Ellinas warned that yielding to these demands would result in low national revenue from the field. Furthermore, the situation is compounded by ongoing negotiations with Israel concerning the shared Aphrodite-Ishai gas reservoir, where a lack of a positive resolution would place additional financial strain on Cyprus. He noted that similar past negotiations, such as those with Italy's Eni regarding the 'Cronos' field, required the state to accept higher risks to facilitate exploitation.

Separately, regarding the Greece-Cyprus electrical interconnection (GSI), Ellinas expressed optimism, suggesting there are high probabilities that the project will proceed as planned despite the ongoing energy sector challenges.