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Economy

US Firm Chevron Leads Aphrodite Gas Field Project Off Cyprus

NICOSIA – Cyprus has given the go-ahead for the American energy giant Chevron to develop the Aphrodite gas field offshore on the border of Israel’s territorial waters as Turkey continues to hunt in other waters off the island.

The news came in a joint statement by Chevron and the Ministry of Energy, Commerce, and the Cypriot government, the work to include on-site drilling of a new well, reported Oil and Gas Journal.

Cypriot Energy Minister Natasa Pilides said the area in Cyprus’ Exclusive Economic Zone (EEZ,) parts of which Turkey disputes, will continue with additional offshore drilling in the first quarter of 2023, said Kathimerini.

Pilides said the operation concerns an appraisal well to establish of the exact quantities of the deposit, but the drilling will also be used at a later stage to develop the field, the report noted.

She said she talked with Chevron representatives about options under consideration for the transportation of natural gas to Egypt and that the two sides are expected to come up with the final option by the end of the year, which will be examined by the ministry’s Hydrocarbons Service.

Chevron is operator of Aphrodite with a 35 percent interest. Partners are Shell at 35 percent and Israel’s NewMed Energy, formerly Delek Drilling, with some 30 percent of the joint licensing deal.

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