Aphrodite gas field in Cyprus to be developed by companies for $4 billion

NewMed Energy, an Israeli company, said that the partners in the offshore Aphrodite gas field had submitted to the Cypriot Government a plan for the development of the project. The cost is estimated to be around $4 billion.

NewMed, along with partners Chevron Shell and Shell, updated a previous development and production plan in accordance with instructions from the Government.

The company stated that "According the the updated plan, production and processing of the natural gas from Aphrodite will be carried out by the construction of a floating production facility independent to be located above the Aphrodite Reservoir."

It will initially have 4 production wells with an estimated production capacity of 800 million cubic feet per a day. It said that the natural gas would be exported through a pipeline into Egypt's transmission system.

Aphrodite is estimated to hold 3.6 trillion cubic foot of gas. The block 12 area is around 170km offshore Limassol in Cyprus.

Since Chevron tried to change a field development plan for 2019, there have been long-running discussions on the future of the Aphrodite Field, south-east from Cyprus. This plan was agreed upon between Cyprus and Noble, a licence-holder independent energy operator Chevron purchased in 2020. (Reporting and editing by Steven Scheer. Ari Rabinovitch)

(source: Reuters)