Cyprus to respond to ‘Aphrodite’ updated development plan in two weeks
Cyprus will issue its response to the updated development plan of ‘Aphrodite’ gas field in two weeks, according to sources who spoke to the Cyprus News Agency.
According to NewMed Energy, partner to the consortium which holds the concession for ‘Aphrodite’ estimated to hold up to 4.5 trillion cubic feet of natural gas, the updated plan is based on the plan agreed back in 2019 and provides for a Floating Production Unit, four production wells and a nominal maximum production capacity of approx. 800 MMCF per day. The plan’s estimated cost is $4 billion, MewMed added in a press release to the Tel Aviv Stock Exchange yesterday.
Reliable sources told CNA the plan includes amendments to the updated plan submitted in the summer of 2023 and is moving towards the agreed original development plan submitted by Noble Energy, the previous operator of the gas field, in 2019.
The Energy Ministry is considering the plan and the way forward given the fact that some milestones are already breached such as the performance o
f the Front-End Engineering and Design.
It is noted that the new updated plan has been submitted following the notice of breach submitted by the Ministry of Energy, giving the ‘Aphrodite’ partners three months to remedy the breach in connection with their non-achievement of the FEED milestone, ‘failing which the Cypriot government will be entitled to give notice of termination of the Production Sharing Contract.’
The partners in the ‘Aphrodite’ gas field are Chevron Cyprus with 35% (operator), BG Cyprus (Shell) with 35% and NewMed Energy with 30%.
Source: Cyprus News Agency