The license has been given for 25 years to Shell, Noble Energy and Delek. The development of this programme was agreed between the companies and the government.
The gas will be liquefied in Idku, Egypt and eventually exported via an underwater pipeline to Europe and elsewhere in the form of LNG.
Shell facility operators in Idku have a 35% stake and they will be buyers of the gas.
Aphrodite's production is scheduled to begin in 2025 with the estimated revenue of €8.4 billion ($9.3bn) in a timeframe of 18 years. Which the projected revenue is based on a new Production Sharing Agreement (PSA), which was also signed with the concession agreement.
Several steps will precede actual production.
The development of the Aphrodite reservoir is subject to the drilling of another appraisal in the next 18 months. The overall cost is estimated at €7 billion with the drilling, operations and maintenance.
The prospect for Aphrodite is to hold 4.1 trillion cubic feet of gas.
The benefits for Cyprus would be numerous with new job creations, income from gas sales and stronger relations will be created with the involved countries Egypt, Israel, Britain and US.