RCS - NewMed Energy - Aphrodite to be Connected to Egypt Infrastructure

ChevronAnnouncement

31/05/2023 11:00

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RNS Number : 1684B  NewMed Energy  31 May 2023

31 May 2023

 

NewMed Energy ("NewMed" or the "Company")

 

Further progress towards development of NewMed Energy's discovery in Cyprus:
Aphrodite Reservoir to be Connected to Existing Processing and Production
Facility in Egypt

 

·    The partners in the reservoir have submitted an updated development
plan for the Cypriot government's approval;

·    Production and processing of the natural gas from the reservoir will
be carried out via a subsea pipeline which will be connected to an existing
processing and production facility in Egypt;

·    The updated plan is expected to accelerate and reduce the cost of
development;

·    Yossi Abu, CEO of NewMed Energy: "The regional ties that we have
forged create new possibilities for regional and global collaborations".

 

NewMed Energy today (31 May 2023) reported that the partners in the Aphrodite
reservoir (NewMed Energy, Chevron, Shell) have submitted an updated plan for
development of the reservoir for the Cypriot government's approval, which
includes a change to the fundamental project concept from the original plan.

 

As set out in the updated plan, in order to perform the natural gas processing
and production, the partners will build a subsea pipeline that will connect
the reservoir in Cyprus to existing production infrastructure in Egypt. This
is a significant and effective step for development of the reservoir while
optimizing the use of existing infrastructures.

 

According to a current estimate made by the operator Chevron, the updated
development plan is expected to reduce the development costs compared to the
original plan, and bring forward commencement of production of the natural gas
from the reservoir. The Aphrodite partners met with the new Cypriot Minister
of Energy on Monday to discuss the progress of the development of the
reservoir.

 

Commencement of the drilling of the A-3 appraisal well was announced earlier
in May and is expected to take around three months and will be used in the
future as a production well. The size of the reservoir is currently estimated
at 4.4 TCF.

 

Yossi Abu, CEO of NewMed Energy: "The regional ties that we have forged create
possibilities for regional and global collaborations and
infrastructure-sharing, which will help meet demand for natural gas anywhere
around the globe. We are making significant progress with development of the
Aphrodite reservoir in accordance with the milestones we set in the work
plan."

 

 

About Aphrodite:

 

The Aphrodite reservoir, in the area of Block 12, is located around 170 km
offshore Limassol, Cyprus. The reservoir is estimated at 4.4 TCF and is held
by: NewMed Energy 30%, Chevron 35%, Shell 35%.

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