Chevron is focused on a fast-track, low-cost solution to develop its 4.5 trillion cubic foot Aphrodite gas discovery offshore Cyprus, with a tie-back to existing infrastructure in Egypt its favoured option and a decision set to be made by the end of the year.

Discovered in 1700 metres of water by Noble Energy in 2011, Aphrodite had until recently been treading water as a project because of its marginal economics.

Now, however, it has a fresh lease of life, triggered by Europe’s demand for alternative sources of gas to replace Russian supplies, with the partners set to drill an appraisal well this year to better define its reservoir.