A consortium led by Chevron has submitted a revised development plan for the Aphrodite gas field to the Cypriot Government, outlining a $4bn (€3.62bn) investment.
Chevron Cyprus holds a 35% stake and acts as the operator of the Aphrodite field offshore Cyprus.
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BG Cyprus, supported by Shell, also owns a 35% share, while Israel’s NewMed Energy has a 30% stake in the project.
NewMed Energy, previously known as Delek Drilling, announced that the updated plan follows directives from the Cypriot Government for the production and processing of natural gas from the field.
This comes after Cyprus’ Minister of Energy issued a “notice of breach”, demanding the initiation of the front-end engineering design process within three months, dated 25 August 2024.
Originally, the partners aimed to construct a subsea pipeline connecting the field to an existing facility in Egypt, according to the Times of Israel.
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By GlobalDataHowever, the revised plan proposes the creation of an independent floating production facility owned by the consortium, stationed directly above the Aphrodite reservoir.
This facility is expected to have a peak production capacity of around 800 million cubic feet per day, starting with four production wells.
NewMed Energy has indicated that the extracted natural gas will be transported via a pipeline to the Egyptian transmission system.
NewMed Energy CEO Yossi Abu said: “We updated the development plan according to the instructions of the Cypriot Minister of Energy, and look forward to the plan’s approval to allow swift progress in the development of the reservoir.
“The reservoir’s development is another step in the regional collaborations that are evolving around natural gas in the Mediterranean Basin.”
Discovered in 2011, the Aphrodite gas field is situated approximately 170km south of Limassol, Cyprus, and near the Leviathan gas reservoir in Israel, one of the largest deep-water gas finds.
The consortium’s goal is to supply natural gas from the Aphrodite field to Cyprus’ domestic market, and export it to other markets including Egypt and the global liquefied natural gas market.
