Cyprus

Aphrodite gas field: Egypt–Chevron agreements enter final stage

By: SigmaLive English

Date:

Efforts to develop Cyprus’ Aphrodite gas field are focusing on finalising technical, commercial and legal agreements to connect the deposit with Egypt’s energy infrastructure, with the aim of moving the project towards implementation as soon as possible.

According to a report by CNN Economy in Arabic, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, met with Chevron executives during a visit to Athens to review progress on the steps required to develop the field.

Final agreements needed before investment decision

The discussions focused on outstanding agreements and arrangements required to advance the project, including preparations for ordering long-lead equipment and securing a final investment decision (FID).

The two sides reviewed the work of joint teams and the status of technical, commercial and legal procedures.

Badawi stressed the need to accelerate the remaining steps and instructed the relevant parties to provide the necessary support and coordination to help move the project into implementation.

However, the final investment decision has not yet been taken, and no specific date has been announced for the start of construction or production.

Egypt seeks to strengthen its role as a regional gas hub

Badawi described the Aphrodite project as an important step towards making better use of Egypt’s infrastructure for receiving, processing and transporting natural gas.

He said connecting the Cypriot field to Egyptian facilities would strengthen regional energy cooperation and support Cairo’s ambition to establish itself as a natural gas trading and distribution hub in the Eastern Mediterranean.

Using existing Egyptian infrastructure to transport gas from Eastern Mediterranean fields to international markets could also generate additional economic value and create new investment opportunities, according to the minister.

Cyprus’ Aphrodite gas field

Discovered in 2011, the Aphrodite gas field is located in Block 12 of Cyprus’ exclusive economic zone (EEZ) and is one of the Republic of Cyprus’ significant confirmed natural gas discoveries.

The planned development involves using Egyptian infrastructure to process and commercialise the gas.

The project is expected to link Cyprus’ offshore gas resources with Egypt’s existing facilities, but its progress remains dependent on completing the outstanding agreements and reaching the final investment decision.

Also read: President: Time to move Aphrodite gas field into development
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