NewMed Energy has announced that all parties have now signed the Memorandum of Understanding (MoU) for the sale of natural gas from the Aphrodite reservoir, located in Cyprus’ Block 12, to the Egyptian Natural Gas Holding Company (EGAS).

The update follows previous announcements made in March and April 2026 regarding the initialling of the agreement between the Aphrodite partners, the Cyprus Hydrocarbons Company and EGAS. The MoU forms part of a broader collaboration to commercialise all recoverable natural gas reserves from the Aphrodite field.

Alongside the MoU, a Host Government Agreement (HGA) has been negotiated between the Aphrodite partners, the Egyptian government and the designated project company to support the development of offshore infrastructure that will transport natural gas to Egypt.

NewMed Energy confirmed that it received the fully executed MoU on 22nd July 2026, following the completion of all required signatures. The company also stated that the HGA is expected to be fully signed in the coming weeks.

The parties are now negotiating a binding gas supply agreement that will govern the delivery of natural gas from the Aphrodite reservoir to EGAS.

The Aphrodite reservoir is jointly owned by Chevron Cyprus Limited (35 percent), BG Cyprus Limited (35 percent) and NewMed Energy (30 percent).