Chevron Advances Major Gas Export Deal, Partners on Gulf Discovery

Chevron Corp., a major operator in the Williston Basin, is leading a consortium that has secured commitments to pipe gas from the Aphrodite field off Cyprus to Egypt for at least 15 years, according to Rigzone. The deal, initiated by the Aphrodite Group, involves executing a term sheet and a host government agreement to enable the export of 100% of the field's production to state-owned Egyptian Natural Gas Holding Co (EGAS). An assessment last month increased the best estimate of contingent natural gas resources on Cyprus' side of the field to 3.67 trillion cubic feet.

Export volumes are planned to increase to 700 million cubic feet per day after at least six years from the start of commercial supply, co-owner NewMed Energy LP said. The parties have agreed to build a pipeline to carry the gas, with a final delivery point at Port Said, Egypt. NewMed expects the term sheet and host government agreement to be signed "in the coming weeks."

Separately, Chevron holds a 37.125 percent non-operated stake in a new Gulf of Mexico oil discovery announced by operator Occidental Petroleum Corp., Rigzone reported. The "Bandit" well in Green Canyon Block 680, about 125 miles south of Louisiana, encountered high-quality oil-bearing sands. Occidental stated the discovery has potential for subsea tie-backs to existing infrastructure.

Occidental senior vice president Jeff Simmons said the discovery demonstrates the continued importance of the Gulf of Mexico as a strategic source of reliable domestic oil supply. Occidental operates the discovery with a 45.375 percent stake, while Woodside Energy Group Ltd. holds the remaining 17.5 percent.

In other news, Spanish utility Iberdrola SA has raised its stake in Brazil's Neoenergia to 98 percent, nearing a full takeover, according to Rigzone. The company launched the takeover bid in November 2025 when it owned 83.8 percent. Neoenergia is Brazil's biggest electricity distributor, serving about 40 million people.

For Bakken operators, the activities of global players like Chevron highlight the scale of international projects and deepwater exploration that compete for capital and attention. Chevron's simultaneous advancement of a major long-term gas export project and participation in a Gulf of Mexico discovery underscores its diversified portfolio strategy.