Aphrodite Gas Field Partners Submit Revised Plan

Partners in the Aphrodite natural gas field, including Israel’s NewMed Energy, Chevron, and Shell, have submitted a revised development plan to the Cypriot government with an estimated cost of $4 billion. This updated plan involves the construction of an independent floating production facility designed to produce up to 800 million cubic feet of gas per day, utilizing four production wells. The natural gas will be exported via a pipeline to the Egyptian transmission system. Critics in Cyprus and Greece have expressed concerns about the project's high estimated costs, suggesting that it may deter investment and profitability. Aphrodite, located approximately 170 km off the coast of Limassol, contains an estimated 3.6 trillion cubic feet of gas. The consortium aims to advance regional gas collaborations in the Mediterranean Basin as they proceed with negotiations with the Cypriot Ministry of Energy.