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Cyprus signs deal for offshore gas concession



On Thursday 7th, Cyprus signed a 25-year concession with a three-member consortium for the exploitation of the gas reservoir south-east of the island first discovered in 2011.


The deal is highly significant for Cyprus’ energy programme.


According to Reuters:


The contract with Noble Energy, Shell and Delek is the first commercial exploitation license signed by the Mediterranean island. The Aphrodite field is thought to hold an estimated 4.1 trillion cubic feet (tcf) of gas.


Cypriot authorities have said natural gas will start being extracted in 2025, with estimated earnings of 9.3 billion euros ($10.29 billion) over an 18-year period.


“The plan includes the implementation of what we consider the best possible option, transferring gas through a subsea pipeline to Idku in Egypt from where LNG will be exported to Europe and international markets,” Cypriot Energy Minister Yiorgos Lakkotrypis said in a statement.”


In September last year Egypt and Cyprus signed an agreement to build an undersea natural gas pipeline from the Aphrodite field to a liquefaction plant in Egypt.


NavInvest Cyprus advises objectively on the technical, commercial and financial risks and returns of an investment in Cyprus, without bias or a hidden agenda. Please feel free to contact us for a confidential assessment of your investment advisory and consultancy needs in Cyprus.


Source:

Cyprus signs deal for offshore gas concession

Reuters, 7 November 2019


Photo (c) Kathimerini Greece

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