Aphrodite Gas Development

03 Sep 2019

Aphrodite Gad
Aphrodite Gad
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Joint venture consultation on the development.
The government expects an energy business joint venture to present a fresh growth and manufacturing schedule for an offshore gas field, with the first gas anticipated in 2025, according to Energy Minister Giorgos Lakkotrypis.

"We are currently at the point of the joint venture consultation on the development and manufacturing plan," said Lakkotrypis. "We expect to receive the new edition of the development and manufacturing plan in the next few days and after it has been decided that it will be submitted to the cabinet with the updated (manufacturing sharing) agreement, and if the cabinet is positive, an operating license will be given."

After a conference between President Nicos Anastasiades and a joint venture delegation, Noble Energy, Delek, and Shell, who owns the Aphrodite concession, the minister spoke to journalists.

Shell's executive vice president, Venter De la Rey, headed the team for integrated gas projects.

In June, a production-sharing agreement was agreed between the two parties for the Aphrodite gas reservoir worth more than $9bn (€ 7.9bn) over 18 years.

Lakkotrypis said both sides were making a major effort to arrive at a mutually acceptable document on the reserve's further growth.

The minister said the businesses were planning to drill well a second Aphrodite appraisal to get a more precise image of the potential of the reserve. 

It is estimated that the Aphrodite reserve will hold 4.1tcf of natural gas.

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