Worley (ASX: WOR) has been selected by Chevron Cyprus Limited, a subsidiary of Chevron Corporation, to deliver Front End Engineering Design (FEED) and procurement services for the Aphrodite Field Development Project. The Worley FEED contract was announced on 13 Mar 2026 and covers the full scope of the Aphrodite gas field development, located offshore Cyprus in the Eastern Mediterranean.
Figure 1: Worley office building with company signage [Courtesy: Fibre2Fashion]
The contract extends Worley’s involvement in the Project, building on pre-FEED work and bridging phase services completed during 2025. As Cyprus’s first offshore gas development, the Worley Aphrodite gas field programme carries significant strategic weight for both the Company and the broader region. This Worley FEED contract will be delivered under a reimbursable engineering and procurement arrangement.
Scope of the Worley FEED Contract for Aphrodite
Worley will provide FEED engineering across the full Aphrodite gas field development. This includes subsea systems, the floating production unit, the export gas pipeline, and the onshore receiving facilities. Worley will also deliver procurement services for equipment associated with the floating production unit and onshore facilities.
The Company will execute the work through its Global Integrated Delivery model, drawing on expertise from teams across five countries. This model allows Worley to optimise resources globally while maintaining delivery standards for a project of this scale and complexity in the Eastern Mediterranean.
Background and Timeline of the Aphrodite Gas Field Development
Worley’s engagement with the Aphrodite gas field development dates to 2025, when the Company completed pre-FEED and bridging phase work for Chevron Cyprus Limited. The current Worley FEED contract represents the next phase of that progression, with completion expected by December 2026.
Figure 2: Chevron corporate sign [Courtesy: Yahoo Finance]
The Aphrodite development is expected to achieve first gas in 2032. Located offshore Cyprus in the Eastern Mediterranean, it is a landmark project for the country and a meaningful addition to Worley’s portfolio of energy infrastructure work globally. The Worley Aphrodite gas field engagement underscores the Company’s deepening presence in the region.
Worley Chief Executive Officer on the Chevron Partnership
Chris Ashton Highlights the Strategic Value of the Contract
Chris Ashton, Chief Executive Officer of Worley, commented on the award of the Worley FEED contract and the Company’s ongoing relationship with Chevron.
“We are pleased to continue our long-standing relationship with Chevron, drawing on our global gas development expertise and Global Integrated Delivery model to support the progression of this strategically important energy project.”
Mr Ashton’s remarks reflect the significance Worley places on its Chevron relationship as part of its broader energy infrastructure Australia and global expansion strategy. The Worley Aphrodite gas field contract is consistent with the Company’s positioning as a technical partner for large-scale offshore developments.
Industry Outlook
Demand for offshore gas development expertise is rising across the Eastern Mediterranean, with Cyprus, Israel, and Egypt emerging as key contributors to European energy supply security. Projects such as the Worley Aphrodite gas field development are central to meeting growing regional energy demand as the transition progresses.
For Companies with established energy infrastructure capabilities, this pipeline of offshore work represents a durable source of contract activity. Worley’s Global Integrated Delivery model positions it to capture complex, multi-country engagements as operators accelerate field development timelines through the late 2020s and into the 2030s.
Worley Share Price and Market Position
Worley (ASX: WOR) shares are trading at $9.855 per share. The Company carries a market capitalisation of $5.15 billion. The 52-week range stands at $9.800 to $15.370 per share.
Figure 3: One-year share price performance chart of Worley Limited [Courtesy: ASX]
Future Direction and Impact of the Aphrodite FEED Award
With the Worley FEED contract now in place, the Company will move into active engineering and procurement across all elements of the Aphrodite gas field development. Completion of the FEED phase by December 2026 will set the foundation for subsequent development decisions ahead of first gas in 2032.
For investors tracking energy infrastructure Australia and global contract flows, this award reinforces Worley’s ability to secure long-cycle, technically demanding engagements with major international operators. The Worley Aphrodite gas field programme will remain a key project to watch over the coming years.
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Frequently Asked Questions
Q1. What is the Worley FEED contract for the Aphrodite gas field?
Ans. Worley (ASX: WOR) has been awarded a FEED and procurement contract by Chevron Cyprus Limited for the Aphrodite Field Development Project, located offshore Cyprus in the Eastern Mediterranean. The scope covers subsea systems, the floating production unit, the export gas pipeline, and the onshore receiving facilities.
Q2. When is the Worley FEED contract expected to be completed?
Ans. The Worley FEED contract for the Aphrodite gas field development is expected to be completed by December 2026, with first gas from the field targeted for 2032.
Q3. What is the Aphrodite gas field, and why does it matter for energy infrastructure?
Ans. The Aphrodite gas field is Cyprus’s first offshore gas development, located in the Eastern Mediterranean. It represents a significant milestone for energy infrastructure in the region and for Worley’s global contract portfolio.
Q4. How will Worley deliver the Aphrodite FEED work?
Ans. Worley will execute the Worley FEED contract through its Global Integrated Delivery model, drawing on expertise from teams across five countries. The scope covers all major elements of the Aphrodite gas field development.
Q5. What is Worley’s history with the Aphrodite gas field development?
Ans. Worley completed pre-FEED and bridging phase work for the Aphrodite gas field development during 2025. The FEED award announced on 13 Mar 2026 is the continuation of that engagement with Chevron Cyprus Limited.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the ASX announcement released by Worley Limited on 13 Mar 2026. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies mentioned.
Sources
Worley Limited — ASX Announcement: Worley selected by Chevron Cyprus for Aphrodite Gas Field Development FEED, 13 Mar 2026 https://data-api.marketindex.com.au/api/v1/announcements/XASX:WOR:2A1660038/pdf/inline/chevron-cyrus-award-aphrodite-gas-field-development-feed?_gl=1*csclrz*_ga*MTcwODQzODA4Ni4xNzYyMjUxMTk2*_ga_R504V9JPBH*czE3NzMzNjI2MjgkbzkyJGcxJHQxNzczMzYyNjMwJGo1OCRsMCRoMA..
ASX Market Data — Worley Limited (ASX: WOR) https://www.asx.com.au/markets/company/WOR
Fibre2Fashion — Worley Office Image
https://static.fibre2fashion.com/newsresource/images/294/adobestock-511409307-editorial-use-only_306580.jpeg
Yahoo Finance — Chevron Receives Approval for Aphrodite Gas Field Development
https://finance.yahoo.com/news/chevron-receives-approval-aphrodite-gas-183700360.html
