Israel’s NewMed Energy (NWMDp.TA) reported on Sunday that the partners in the offshore Aphrodite natural gas field have presented the Cypriot government with a plan to develop the project at a cost of approximately $4 billion.
NewMed said that along with accomplices Chevron (CVX.N), and Shell (SHEL.L), they refreshed a previous turn of events and creation plan as per guidelines from the public authority.
The company stated, “In accordance with the updated plan, the construction of an independent floating production facility to be positioned above the Aphrodite reservoir will be used to produce and process natural gas from the reservoir.”
Through four production wells at first, it will have an estimated maximum production capacity of 800 million cubic feet per day. It stated that a pipeline will be used to export the natural gas to the Egyptian transmission system. It is estimated that Aphrodite contains 3.6 trillion cubic feet of gas.
It is situated in the space of Block 12, around 170 km seaward Limassol, Cyprus. Since Chevron attempted to make changes to a 2019 field development plan, lengthy discussions have been held about how the Aphrodite field south of Cyprus will be developed in the future.
Cyprus and license holder Noble, an independent energy operator that Chevron acquired in 2020, had reached an agreement on that plan.
