Chevron Advances Cyprus' Aphrodite Gas Field Development

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markets open in 2h 25m S&P Futures 7,867.75 +12.00 +0.15% Dow Futures 52,080.00 +145.00 +0.28% Nasdaq Futures 30,752.50 -39.00 -0.13% Russell 2000 Futures 2,806.60 +6.50 +0.23% 10-Yr Bond 5.22 -0.02 -0.44% VIX 15.31 +0.04 +0.26% Gold 4,165.50 -11.80 -0.28% Bitcoin USD 83,300.85 +50.78 +0.06% Crude Oil Nov 26 95.32 +1.18 +1.25% US Private Equity 10,967.34 -1.52 -0.01% ADVERTISEMENT Chevron Advances Cyprus' Aphrodite Gas Field Development Zacks Equity Research March 16, 2026 3 min read CVX WOR.AX NG=F Chevron Corporation CVX is advancing the development of the Aphrodite gas field offshore Cyprus by awarding a key engineering contract to Worley Limited WYGPY.

The agreement covers front-end engineering design (FEED) and procurement services, representing a crucial step in progressing one of the Eastern Mediterranean's most significant offshore gas developments.

As operator of the field, Chevron continues to drive technical and engineering work to move the project closer to a final investment decision.

The FEED phase will help refine the project's technical design, cost estimates and execution strategy as the partners prepare for long-term production.

Under the contract, Worley will deliver FEED services across all major components of the Aphrodite Field Development Project.

The work will cover a floating production unit, subsea infrastructure, a gas export pipeline and onshore gas receiving facilities.

The company will also oversee procurement activities for critical equipment associated with the offshore production system and related onshore infrastructure.

The engineering work builds on earlier pre-FEED and bridging studies completed during the previous year, ensuring continuity in the project's technical planning.

The Aphrodite gas field lies roughly 160 kilometers south of Limassol within Block 12 of Cyprus' exclusive economic zone.

Spanning about 120 square kilometers, the offshore reservoir sits near other major regional discoveries, such as the nearby Leviathan gas field.

Exploration confirmed significant gas resources within the reservoir, making Aphrodite one of the most important offshore energy assets in the region.

Its development is expected to contribute to the broader expansion of Eastern Mediterranean gas production and strengthen regional energy supply.

Chevron, currently carrying a Zacks Rank #3 (Hold), operates the Aphrodite project through its subsidiary, Chevron Cyprus, working alongside key partners, including Shell plc SHEL (via BG Cyprus) and NewMed Energy.

Together, the consortium is advancing the field's development plan while coordinating closely with the Cypriot government.

Shell is a London-based oil supermajor that holds 35% interest in the project.

Shell's operations span almost every corner of the globe and the company projects that the first gas from the field will be achieved by 2032.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

In early 2025, Cyprus' Ministry of Energy approved modifications to the project's development and production plan.

These updates were designed to accelerate engineering and technical work, enabling the project to move more efficiently toward FEED completion and a final investment decision.

For Chevron and its partners, the Aphrodite development represents a major milestone in Cyprus' energy sector.