News Local Cyprus grants exploitation license for Aphrodite offshore gas field

Cyprus grants exploitation license for Aphrodite offshore gas field

Cyprus’ energy strategy on Thursday went to a new level after the government approved the Eastern Mediterranean country’s development plan. And it granted an exploitation license for the Aphrodite offshore gas field to a Noble Energy-led consortium.

First gas is expected to start flowing in 2025, and the estimated revenue for the Cyprus Republic is US$ 9.3 billion over a period of 18 years.

Noble Energy operates the offshore Block 12 containing the Aphrodite discovery with a 35 percent stake. Shell owns 35%, and Delek owns 30%.

“Today’s development is of particular importance since it makes the Republic of Cyprus a producer and an alternative source of gas supply to the European Union,” Energy Minister George Lakotrypis told journalists after the signing of the agreement.

“The agreement also provides for the gas to be carried to an Egyptian liquefaction facility at Ikdu via an underwater pipeline and exported to Europe and elsewhere in the form of liquid natural gas (LNG),” he added.

The development plan envisions deployment of a new build floating production facility at the Aphrodite reservoir, with an estimated maximum production capacity of approximately 800 MMCF per day.

This will be achieved through five production wells at the initial stage, and export of natural gas to the Egyptian market.

The estimated cost of the development, excluding the cost of construction of the pipelines to the target markets, is estimated at around US$2.5-3.5 billion.

The final formulation of the Development Plan and the Final Investment Decision for development of the Aphrodite reservoir are subject to the drilling of another appraisal/development well.

As well as to commercial arrangements for the development of the pipelines for export, the signing of agreements for the supply of natural gas, financing arrangements, and other regulatory approvals.

 

Read more:

https://in-cyprus.com/cyprus-determined-to-proceed-with-its-energy-plans-president-anastasiades-says/

Top Stories

Expert says too early to assess epidemiological situation

Head of the Scientific Advisory Committee on the coronavirus, Dr Constantinos Tsioutis, told CNA that it is too early to safely assess the evolution...

Inauguration of Joe Biden as the 46th President of the United States

Lady Gaga sings the National Anthem during the inauguration of Joe Biden as the 46th President of the United States on the West Front...

Building collapses in central Madrid explosion, several injured

One building collapsed in a central Madrid explosion, a Reuters reporter saw, with smoke coming out of the building and rescue workers evacuating elderly...

U.S. President Trump departs the White House, in Washington

U.S. President Donald Trump and first lady Melania Trump depart the White House ahead of the inauguration of Joe Biden as the 46th President...

ECJ says there is no confusion between HALLOUMI and BBQLOUMI

The European Court of Justice General Court confirmed today that there is "no likelihood of confusion between the collective mark HALLOUMI, reserved for the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...