Chevron plans Mediterranean seabed survey for pipeline

NICOSIA, Cyprus – Chevron, a leading energy company, is set to launch an exploratory survey of the eastern Mediterranean seabed as early as this summer. This survey aims to lay the groundwork for a pipeline that will transport natural gas from a substantial deposit within Cypriot waters to processing facilities situated in Egypt. This key development was shared by Cypriot officials on Monday.

The initiative was confirmed during a meeting at Chevron’s headquarters in Houston, where Chevron CEO, Mike Wirth, briefed Cypriot President Nikos Christodoulides on the project’s progress. Although the statement from Cypriot government spokesman Konstantinos Letymbiotis did not reveal further specifics, it affirmed that the survey will adhere to a predetermined schedule.

This pipeline is crucial as it will connect Cyprus’ Aphrodite gas field—estimated to hold up to 4.5 trillion cubic feet of natural gas—with a processing site on Egypt’s coast.

President Christodoulides made his visit to Houston amidst a broader agenda aimed at attracting investment to Cyprus during his week-long tour of the United States.

The Aphrodite field, which was first discovered in 2011 roughly 160 km (100 miles) off Cyprus’ southern shores, falls within the nation’s exclusive economic zone. It is being developed under the stewardship of Chevron alongside its partners Shell and Israeli firm NewMed Energy.

February saw the signing of a framework agreement between Chevron, NewMed, Shell, and Egypt to advance the development of Aphrodite.

This agreement followed the Cypriot government’s approval of a revised production strategy by the Chevron-led consortium. The plan includes the deployment of a floating platform for gas processing, in addition to the construction of the pipeline to Egypt.

President Christodoulides expressed to Wirth that the development of Aphrodite is a top priority, emphasizing its significance in positioning Cyprus as a vital energy supply source for neighboring regions and the European Union while extending the country’s role in the regional energy landscape.

Chevron regards Aphrodite as a pivotal asset within its eastern Mediterranean portfolio, aligning with the company’s future strategies and objectives for the region.

Uniquely, Chevron is the only energy firm operating across Cyprus, Israel, Egypt, and Greece.

Meanwhile, ExxonMobil and Qatar Petroleum have obtained exploration licenses for two blocks, where they have already identified a substantial gas field and are in the process of drilling a second.

Additionally, a group comprising Italy’s Eni and French company Total holds exploration rights to four blocks, having unearthed the Cronos deposit, which is projected to contain over 3 trillion cubic feet of gas.

In recent developments, Cyprus Energy Minister George Papanastasiou indicated the potential for partnerships among ExxonMobil, Eni, and Total. This collaboration could lead to a collective approach to developing gas resources located in close proximity.