NICOSIA – Cyprus’ offshore Aphrodite natural gas field will be connected to an existing processing and production facility in Egypt with an underwater pipeline, said NewMed Energy in a development plan.
“The updated plan is expected to accelerate and reduce the cost of development,” NewMed said after group representatives met with Energy Minister Giorgos Papanastasiou, said Reuters.
The company is working with partners Chevron and Shell to work the field that was found a decade ago about 170 kilometers (105 miles) from Limassol and holds an estimated 124 billion cubic meters 4,.379 trillion cubic feet) of gas.
NewMed has a 30 percent stake in the field, while Chevron and Shell each hold a 35 percent share and the group said earlier it had begun drilling an exploration well meant to confirm the estimates.
Chevron said in a statement it was “currently working to progress the Aphrodite project,” adding that it would not otherwise comment on any business matters, the news site said.
NewMed Energy said the plan involves construction of a subsea gas transport pipeline and connections to existing offshore and onshore infrastructure in Egypt, reported Off Shore magazine.