Four fabrication yards are currently competing for a major contract to build a floating production unit (FPU) for the $4 billion Aphrodite gas project offshore Cyprus, operated by Chevron. The bidders are Singapore's Seatrium and three South Korean yards: Hanwha Ocean, Hyundai Heavy Industries, and Samsung Heavy Industries. Technical and commercial bids were submitted in mid-January, and the yards are awaiting clarification talks. The contract involves fabricating a semi-submersible FPU estimated to weigh 33,000 tonnes.

Project Development and Timeline

The Aphrodite project, containing contingent resources of about 3.5 trillion cubic feet of gas and 8 million barrels of condensate, has gained momentum following an agreement between Chevron and the Cypriot government on the development plan. Front-end engineering and design (FEED) work is underway, led by contractor Worley. The development plan involves about four subsea wells tied back to the FPU, which will process gas for export via a new pipeline to Egypt. While a final investment decision (FID) is expected in 2027, first gas is targeted for 2031, with a potential for flow as early as 2030 assuming a three-year FPU construction period. A binding agreement between the Cypriot and Egyptian governments is still pending.

Stakeholders and Strategic Importance

The Aphrodite field, located in Block 12, is owned by Chevron (35%), Shell (35%), and NewMed Energy (30%). Chevron's leadership has emphasized the strategic importance of the Eastern Mediterranean, comparing its resource potential—over 40 trillion cubic feet gross across core assets—to its portfolio in Australia. The company highlighted expansion projects at its Israeli fields (Leviathan and Tamar) and exploration plans offshore Egypt, particularly in underexplored blocks west of the Nile Delta, as key components of its regional strategy.

Company Statements and Process

Chevron has confirmed that FEED studies are progressing to advance technical maturity for a potential FID and commercial agreements. A company spokesperson stated it is not policy to comment on specific commercial details of the bidding process but affirmed steady progress toward a technically robust and commercially viable project. Samsung Heavy Industries declined to share details, while other yards had not responded to requests for comment at the time of reporting.