Partners in the Aphrodite natural gas field submitted on Sunday a new development plan for the field to the government.
In an announcement, the partners (NewMed Energy, Chevron and Shell) said the estimated cost of the updated development and production plan will be approximately $4 billion.
The partners also said that they would be building an independent floating production facility in Cyprus’ EEZ, which will have a maximum production capacity of around 800 MMCF per day through four production wells.
MMCF is one million cubic feet.
The natural gas will be exported via a pipeline to the Egyptian transmission system.
According to a current estimate of the operator in the reservoir, Chevron, and before completion of technical-economic feasibility studies, including the performance of Front-End Engineering Design (FEED), the cost of the updated development and production plan is estimated at approximately $4 billion.
Yossi Abu, CEO of NewMed Energy: “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”.
