Partners in Aphrodite back $192 mln investment

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The partners in exploiting Cyprus’ Aphrodite gas field have approved a $192 million investment to begin drilling and cover other development costs for the offshore project, Israeli firm NewMed Energy said.

Most of the investment is for drilling a well that will first confirm the size of the gas deposit, estimated to be 124 billion cubic metres, and then be used for production, NewMed said.

Drilling is expected to begin in the first half of 2023.

NewMed has a 30% stake in Aphrodite, located about 170 km south of Limassol.

Chevron and Shell each have a 35% share.

The partners are examining development options, NewMed said, including connecting the field to existing facilities in the area or linking it to development plans for nearby assets in Egypt.

Nicosia estimates that gas from Aphrodite could start flowing by 2026.