Cyprus Says It Stands To Gain $9 Billion From Gas Field

Pumpjacks work in an oil field(AP Photo/Charlie Riedel, File)

NICOSIA — Cyprus stands to gain more than $9 billion from the export of gas from its offshore ‘Aphrodite’ field over the 18-year life-span of the deposit, the east Mediterranean island nation’s energy minister said Wednesday.

Georgios Lakkotrypis said that a renegotiated contract with the consortium made up of Shell, Texas-Based Noble Energy and Israel’s Delek paves the way for exploitation of the field that’s estimated to hold 4.1 trillion cubic feet of gas.

He said financial terms were drawn up on the base-case scenario of $70 per barrel of oil in 2022. Government ratification of the contract is expected as soon as the field development plan is agreed.

Lakkotrypis said production is set to start in 2024-25.

The gas will be sent by undersea pipeline to processing plants in Egypt and most will be shipped to European markets.

“This will transform Cyprus into a natural gas producer and position it to become an alternative source of energy supply for Europe,” Lakkotrypis told The Associated Press.

He said capital expenditure surrounding the project is estimated at around $5.3 billion over 18 years with operating costs at around 2.5 billion euros, making it the biggest-ever investment in Cyprus.

Aphrodite was the first gas deposit to be discovered in waters where Cyprus has exclusive economic rights off its southern shores in 2011.

Since then, two more sizeable gas fields have been found by Italy’s Eni and ExxonMobil which are also licensed to drill off Cyprus. France’s Total is also licensed for a gas search.

Officials say there’s potential for more discoveries.

By: Menelaos Hadjicostis, Associated Press

1 Comment

  1. Has TNH and Anastaiades ever told the people of Cyprus what the threat and consequences to the entire Island country of Cyprus is in placing oil rigs in her water? .

    Is TNH and Anastasiades going to protect the interest of the people of Cyprus and the most pristine beaches, waters, hotels, restaurants, sea and marine life and ocean front properties in the world when Oil baron Exxon Mobil starts leaking thousands of gallons of oil each day into the waters of Cyprus , or when an accident destroy Cyprus entire livelihood!

    Their are states in America called Louisiana and Texas.whose coast lines were decimated by” one” oil rig 49 miles from their coast.which destroyed the fishing industry, tourist industry, hotel industry, restaurant industry, shrimp industry .to the tune of 29 billion dollars!

    Today., unlike the people of Cyprus, the people of America know the threats to their coastal communities , and legally do not allow the U.S. government and their Nato dictator Anastasiades to put any oil factories in both the East and West coasts of the U.S.

    The Glory to America fake news TNH and Anastasiades continues to write articles only featuring qualified white supremacist Aristocrats in the U.S and Cypriot government, but not one article asking ” Have the people of the coastal communities of the Island country of Cyprus been advised of the dangers and consequences to their lives and communities, and do they approve of these oil factories in there waters?

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