Mighty Aphrodite: Offshore Cyprus

Mighty Aphrodite: Offshore Cyprus
Rigzone takes a look at the development options for the Aphrodite gas field, which lies off the coast of Cyprus in the eastern Mediterranean.

The Aphrodite gas field located off the coast of Cyprus in the Mediterranean Sea represents a lucrative opportunity for the country, which has run into financial hardship over the last few years. Here, Rigzone takes a look at how the project is set to develop.

Discovered in 2011 in Block 12 of Cyprus's Exclusive Economic Zone (EEZ), results from drilling evaluation work indicate that Aphrodite contains a mean estimate gross resource of about 4.5 trillion cubic feet (Tcf).

The majority stake in Aphrodite is held by Texas, U.S.-based energy firm Noble Energy Inc., which controls a 70-percent portion of the find. Noble also drilled the initial Cyprus A-1 well at the site using the Noble Homer Ferrington (DW semisub). Delek Drilling and Avner Oil Exploration, both of which are subsidiaries of Israel's Delek Group, each hold 15 percent of Aphrodite.

Where Will the Gas End Up and When?

Increasing consumption and declining production has led to an energy shortage in Egypt, which has opened the door to a potential energy partnership between one of the most populous Arab countries and Cyprus.

Cyprus and Egypt signed a memorandum of understanding on energy cooperation back in February 2015 and the two countries are aiming to reach a deal on Egyptian imports of Cypriot gas by August 2015, according to the Egyptian Prime Minister's office. Egyptian Oil Minister Sherif Ismail didn't expect any prices to be discussed during this time, however, he believed that these "will be negotiated after the expiration of the six months."

Daily News Egypt recently reported that the Egyptian Natural Gas Holding Company (EGAS) is looking to import approximately 700 million cubic feet of gas per day from the Aphrodite site. In a statement to the independent Egyptian newspaper, EGAS Chairman Khaled Abdel Badie stated that a marine pipeline linking the two regions could be completed within 2.5 to 3 years with Cypriot gas being sent to Egypt by 2017.

Reports have suggested Jordan to be another potential buyer of Cypriot gas and the recent Nicosia Declaration – signed by leaders of Cyprus, Egypt and Greece, and which looks to promote economic cooperation between the countries – could suggest that Cypriot gas may eventually end up in Europe via Cyprus' Mediterranean neighbor. There is no absolute confirmation yet that Jordan or Greece will be looking to buy Cypriot gas from the Aphrodite site, so it's difficult to predict a delivery timeframe for these regions right now.


12

View Full Article

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Unite Calls for Safety Transparency Af... (Mar 27)
 -  HeliOffshore Deems North Sea Helicopte... (Mar 23)
 -  Oil, Gas Workers Rally in WV to Suppor... (Mar 22)
 -  Wood Group Aims to Grow Employment in ... (Mar 21)
 -  HITS JIP Helps EM&I Increase Employmen... (Mar 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager, USA
Expertise: Project Management
Location: United States
 
Assistant Treasurer
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
Financial Analyst - Finance and Investor Relations
Expertise: Accounting|Financial Analyst|Legal
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours