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Thursday, June 1, 2023
NewMed Energy reports that on May 31 the partners in the 4.5 Tcf Aphrodite gas field submitted an updated plan of development of the asset for the Cypriot government’s approval, which includes a change to the fundamental project concept of the Approved Development and Production Plan.
The Aphrodite reservoir is located in the area of Block 12 in the EEZ of the Republic of Cyprus. Chevron (operator) and Shell each have a 35 percent stake in Block 12 while NewMed holds a 30 percent interest.
The Updated Development and Production Plan, calls for production of natural gas from the reservoir and the processing thereof will be carried out through the construction of a subsea pipeline and connection thereof to existing offshore and onshore infrastructure in Egypt.
According to a current estimate of the Operator, as was delivered to the Partnership and to the Cypriot government, and before completion of technical-economic feasibility tests, including performance of FEED, the Updated Development and Production Plan may reduce the development costs compared with the Approved Development and Production Plan, and bring forward commencement of production of the natural gas from the Reservoir, NewMed reported.
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