NewMed Energy, partners propose USD4B development plan for Aphrodite gas field
(MENAFN) On Sunday, Israeli firm NewMed energy announced that its partners in the Aphrodite offshore natural gas field have submitted a revised development plan to the Cypriot government, with an estimated cost of around USD4 billion. This updated plan, developed in collaboration with Chevron and Shell, modifies a previous development and production scheme to align with government requirements. The revised proposal outlines the construction of an independent floating production facility that will be stationed above the Aphrodite Basin.
The Aphrodite field, situated in Block 12 approximately 170 kilometers off the coast of Limassol in Cyprus, is believed to hold around 3.6 trillion cubic feet of natural gas. According to NewMed Energy, the field's maximum production capacity is projected to reach 800 million cubic feet per day, initially through four production wells. The plan includes the construction of infrastructure to process the natural gas and transport it via pipeline to the Egyptian transmission network for export.
The development of the Aphrodite field has been subject to prolonged negotiations since Chevron sought to alter the original development plan in 2019. The plan was initially agreed upon between Cyprus and Noble Energy, which Chevron acquired in 2020. This latest proposal reflects ongoing efforts to move forward with the development of this significant natural gas resource.
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