Egypt Finalizes Full Capacity of Aphrodite Gas Field in Cyprus to Guarantee Domestic Energy Supply

The Egyptian government recently announced that it will purchase the entire production of the Cyprus Aphrodite gas field after it is put into production to meet the growing domestic energy demand.

The Egyptian government recently announced that it will purchase the entire production of the Cyprus Aphrodite gas field after it is put into production to meet the growing domestic energy demand. Aphrodite gas field is expected to be officially put into production in 2031.

Project cooperation framework and implementation path

Egyptian Gas Holding has signed a preliminary cooperation agreement with the Aphrodite project operator, the Cypriot state-owned oil and gas company. According to a statement from project shareholder Newmed Energy, Egypt and Aphrodite project partners have also reached a framework agreement on the development of a gas transmission system off the coast of Egypt. Newmed said that with the surge in domestic gas demand and the decline in local gas field production, Egypt has re-emerged as a net importer of natural gas, and any new supply will bring significant benefits to the country.

According to the agreement reached between the two parties, Egypt will jointly establish a joint venture company called "Aphrodite Midstream" in Egypt with Aphrodite project partners to be responsible for the construction and operation of Egypt's offshore natural gas transmission system. According to Newmed's official website, the company holds a 30 per cent interest in the Aphrodite gas field license, while Chevron and Shell each hold 35 per cent.

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Egypt Finalizes Full Capacity of Aphrodite Gas Field in Cyprus to Guarantee Domestic Energy Supply

Project cooperation framework and implementation path

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