New development plan for reservoir off Cyprus includes ‘change to fundamental project concept’

The partners behind the Aphrodite Reservoir in Cyprus have submitted an updated plan for the development of the project to the country’s government, said to include a change to the fundamental project concept of the approved development and production plan.

Chevron Cyprus, BG Cyprus, part of Shell, and NewMed Energy decided to submit the new plan for the development of the Aphrodite reservoir following the examination of additional development alternatives.

This updated development and production plan envisages that the natural gas from the reservoir and its processing will be carried out through the construction of a subsea pipeline and connection to existing offshore and onshore infrastructure in Egypt.

According to a current estimate of the operator Chevron Cyprus, this updated plan may reduce the development costs compared with the approved development and production plan, and bring forward commencement of production of the natural gas from the reservoir.

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Chevron Cyprus and BG Cyprus each hold 35 per cent in the Aphrodite Rervoir, while NewMed Partnership holds 30 per cent.

The reservoir is located in Block 12 in the Cypriot Exclusive Economic Zone (EEZ), 160 kilometers south of Limassol in an area where the sea depth is 1,700 meters.

In November 2019, the Government of Cyprus granted the partners in Block 12 a production license for 25 years, with an option to extend the term by another 10 years, together with the approval of an outline for the development of the reservoir.

The partners revealed in September 2022 they were moving forward with the development of the field reservoir with plans to invest about $192 million to drill a new well and to cover development costs for the project.