Cyprus responds to new plan for Aphrodite field

Cyprus’ government has responded to a request from Chevron and its partners to extend negotiations on the offshore Aphrodite gas project, Reuters reported on Monday.

Negotiations began when Chevron submitted new plans for the field in May 2023, which Cyprus considered counter to original plans to build an FPU and have a minimum of five wells.

The amended plan does not include an FPU and has cut initial production wells to three.

A further assessment from a new appraisal well drilled in 2023 lowered estimated reserves at the project from 4.5 tcf of gas to 3.5 tcf.

The Aphrodite field is located on Block 12, 160 kilometres from Limassol and 30 kilometres northwest of the prolific Leviathan field in Israel.

Unchanged plans involve connecting the field to Egypt via an undersea pipeline for use in the domestic market or export to Europe.

Chevron operates the project with a 35% stake alongside partners Shell with a 35% stake and NewMed Energy with a 30% stake.

Amended cost of the project was not disclosed.