All signatures were obtained on 22 July 2026 for the Memorandum of Understanding (MOU) regarding the sale to the Egyptian Natural Gas Holding Company (EGAS) of the total natural gas quantities recoverable from the Aphrodite Reservoir, located in Block 12 of the Cypriot EEZ, NewMed Energy Management Ltd announced on Wednesday.
In a statement issued via the Tel Aviv Stock Exchange, which is also addressed to the Israeli Securities Authority, NewMed Energy states that the MoU was signed by the field’s partners, the Cyprus Hydrocarbons Company and the Egyptian EGAS.
It is added that the signing of the Host Government Agreement (Host Government Agreement – HGA) concerning the development of a system off the coast of Egypt for the transmission of natural gas from ‘Aphrodite’ to Egypt is expected to be finalised with the Egyptian Government in the coming weeks.
It is further noted that the parties to the MOU are negotiating a binding agreement for the supply of natural gas from the Aphrodite Reservoir to EGAS.
The statement also sets out the shareholdings of each partner in ‘Aphrodite’, with 35% for Chevron Cyprus Limited, 35% for BG Cyprus Limited, and 30% for NewMed Energy.