Chevron Cyprus Ltd. and Aphrodite field partners on Aug. 30, 2024, submitted to the government of Cyprus an updated plan for development of the field, which is based on the approved development and production plan, partner NewMed Energy said in a release Sept. 1.
Field partners and the Cypriot government have been in ongoing discussions over the development plan since 2023 (OGJ Online, Aug. 30, 2023). If developed, Aphrodite would be the first gas development offshore Cyprus.
According to the updated plan, natural gas from the field will initially be produced and processed through four production wells connected to an 800-MMcfd capacity floating production unit (FPU). Natural gas will be exported from the FPU via pipeline to the Egyptian transmission system.
Chevron said that prior to completion of technical-economic feasibility studies and the performance of the front-end engineering design (FEED), that the estimated cost of the updated plan is about $4 billion.
There is no certainty about whether and when, if at all, the government will approve the updated plan or whether any approval would be contingent on conditions. In addition to approval from the Cyprus government, final investment decision (FID) for the project is subject to FEED execution, commercial arrangements associated with the proposed export pipeline, signing of supply agreements, and fulfillment of closing conditions,
Chevron Cyprus Ltd. is operator at Aphrodite field with 35% interest. Partners are BG Cyprus Ltd. (35%) and NewMed Energy (30%).