Cyprus' Ministry of Energy, Commerce, and Industry and Chevron on Thursday affirmed their "mutually beneficial cooperation in viably and efficiently developing" the Aphrodite gas field, offshore Cyprus, with the plan to have a development concept ready by the end of the year.
The Minister of Energy, Natasa Pilides, and the President of Chevron Middle East, Africa, South America Exploration and Production Company, Clay Neff, met Thursday with the President of the House of Representatives, Annita Demetriou, to update her on the development works on the of Aphrodite offshore gas field.
The works will include the drilling of a new well in the coming months, in the overall framework of the field’s approved Development and Production Plan.
According to the statement released Thursday, Chevron is also in the process of finalizing the optimization of the “Aphrodite” field’s development concept, through possible synergies with other facilities in the region. The development concept will be presented to the Minister of Energy for approval, by the end of the year.
"Moreover, taking into account the prevailing energy environment and the potential for Cyprus and the wider Eastern Mediterranean to significantly contribute to Europe’s security of supply and diversification of sources, both parties remain committed to continuing working together in order to expedite the timing of first gas from “Aphrodite” to Egypt and to European markets," the Ministry of Energy, Commerce, and Industry said in a statement.
Aphrodite was discovered in 2011 and is estimated to contain 129 billion cubic meters (bcm) of gas. Aphrodite is located in block 12 of Cyprus’ exclusive economic zone (EEZ).
