No gas from Aphrodite until 2027, NewMed director says

There can be no supply from the Aphrodite field in the Cyprus EEZ before 2027, according to NewMed Energy, one of the three companies licensed to operate in this block.

An updated development plan submitted in rough to government last Friday, was filed on Wednesday by NewMed on the Tel Aviv Stock Exchange, in which it is listed.

According to the plan, the three stakeholders-Chevron, NewMed and Shell-proposed to interconnect the Aphrodite field with a gas liquefaction station in Egypt, through a subsea pipeline that will be built from Aphrodite to the Egyptian coast.

NewMed Energy announced in Tel Aviv that the updated plan would accelerate development and reduce costs, the reason being that liquefaction could be done in existing Egyptian facilities instead of commissioning a floating unit on the Aphrodite site.

The company’s executive director, Yossi Abu, said significant progress was being made in development of the Aphrodite field, in line with milestones set in the company’s work plan.