NewMed expands Egypt export strategy with Aphrodite gas MOU
NewMed Energy has signed a memorandum of understanding (MOU) to supply natural gas from the Aphrodite reservoir offshore Cyprus to Egypt, marking a further step in regional energy integration. The agreement covers the potential sale of approximately 100 billion cubic metres (BCM) of gas, with Egypt positioned as the key export market.
The Aphrodite field—operated alongside partners including Chevron and Shell—is one of the Eastern Mediterranean’s significant undeveloped gas assets. The MOU is expected to underpin a future binding gas sales and purchase agreement, a critical milestone ahead of a final investment decision and the development of export infrastructure linking Cyprus to Egyptian facilities.
Strategically, the deal reinforces Egypt’s role as a regional gas hub while advancing Israel-linked energy exports via Cypriot resources.
Read more in Globes.
