Worley Embarks on More FEED Work for Cypriot Gas Development

Why It Matters

The deal accelerates Cyprus’s transition to domestic gas production, diversifying regional energy supplies while cementing Worley’s position as a leading provider of offshore gas engineering services.

Key Takeaways

• Worley wins Chevron FEED contract for Cyprus Aphrodite field
• Project includes subsea, FPU, pipeline, onshore facilities design
• Contract builds on pre‑FEED, delivery by Dec 2026
• Aphrodite holds ~98 bcm contingent, 26 bcm prospective resources
• First gas targeted for 2032, 25‑year production licence

Pulse Analysis

Cyprus’s push into offshore gas marks a pivotal shift for the island’s energy landscape, reducing reliance on imported hydrocarbons and bolstering Mediterranean energy security. The Aphrodite field, located 160 km south of Limassol in 1,700‑metre‑deep water, holds roughly 98 billion cubic metres of contingent resources, positioning Cyprus as a potential regional gas hub. With a 25‑year production licence secured in 2019, the project aligns with broader EU goals for diversified, lower‑carbon energy mixes, while offering a stable supply for neighboring markets.

Worley’s appointment underscores its strategic emphasis on high‑value offshore contracts and showcases its Global Integrated Delivery model, which leverages expertise across five countries. By handling FEED and procurement for subsea infrastructure, a floating production unit, and onshore facilities, Worley not only deepens its partnership with Chevron but also strengthens its portfolio in complex deep‑water projects. The reimbursable engineering and procurement contract mitigates financial risk for both parties and ensures that design milestones are met ahead of the December 2026 deadline, setting a clear path toward the 2032 first‑gas target.

For the broader oil‑and‑gas sector, the Aphrodite development signals renewed investor confidence in Mediterranean offshore assets, especially as global energy markets pivot toward cleaner transition fuels. Chevron’s involvement highlights major upstream players’ willingness to back long‑term projects that combine substantial resource potential with regional energy diversification. As the project progresses, it may catalyze ancillary investments in pipelines, storage, and downstream processing, further embedding Cyprus into the evolving European gas supply chain.