Partners in Cyprus' Aphrodite gas field submit updated $4b development plan

07:50 - 02 September 2024

Economy Reporter

NewMed Energy has submitted an updated development and production plan for the Aphrodite gas field, in Cyprus' Exclusive Economic Zone, to the Cypriot government for approval.

The plan drafted by the field's partners NewMed Energy, Chevron, and Shell, is based on the previously approved development and production plan from 2019.

According to the updated plan, submitted to the government on 30 August, gas production and processing from the Aphrodite field will be accomplished through four initial subsea wells connected to a floating production unit that will be positioned over the field, with a nominal maximum production capacity of approx. 800 million cubic feet (MMCF) per day. The natural gas will then be exported via pipeline to Egypt’s transmission system, the press release noted.

The current estimate from the field's operator, Chevron, suggests that the cost of the renewed development and production plan will be around $4 billion. This estimate is made prior to the completion of technical and economic studies, including the Front-End Engineering Design (FEED).

"We have updated the development plan according to the guidelines of the Cypriot Minister of Energy and are now awaiting approval to allow for rapid progress in the field's development, " CEO of NewMed Energy Yossi Abu said.

Abu emphasised that the development of the Aphrodite field is another step in strengthening regional cooperation around natural gas in the Eastern Mediterranean basin.

(Source: CNA)

Partners in Cyprus' Aphrodite gas field submit updated $4b development plan

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