In February 2025 the development of two Cyprus offshore fields was announced – Aphrodite and Cronos. The significance of this is around two overlapping stories. Firstly, Egypt’s gas production has fallen fast and steeply over the last three years. Avoiding demand- side interventions, Egypt has taken supply-side measures to rebalance its market by importing more pipeline gas from Israel. Crucially, though, it has curtailed LNG exports and become a significant LNG importer. Egypt flipping from LNG exporter to importer in a very short timeframe, worth around 16 Bcma, is having an outsized impact on the global LNG market.