By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
    September 22, 2023
    Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
    September 21, 2023
    ABB allocates €13bn for green transformation by 2030
    ABB allocates €13bn for green transformation by 2030
    September 21, 2023
    DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
    DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
    September 21, 2023
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
    September 21, 2023
  • Politics
    PoliticsShow More
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
    September 22, 2023
    Egyptian Health Minister highlights country's interest in local drug manufacturing
    Egyptian Health Minister highlights country’s interest in local drug manufacturing
    September 21, 2023
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    Egypt leads meeting to urge global support for Sudan’s humanitarian crisis
    September 20, 2023
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    Egypt and EU co-chair GCTF meeting, reaffirm commitment to fighting terrorism
    September 20, 2023
    Children dying in Sudan amid healthcare system collapse
    Children dying in Sudan amid healthcare system collapse
    September 20, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Cyprus’ offshore Aphrodite gas field to be linked to Egypt: NewMed
Share
Notification
Latest News
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
DMZ Cairo Demo Day 2023 showcases Egypt's top tech startups
DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Cyprus’ offshore Aphrodite gas field to be linked to Egypt: NewMed
Business

Cyprus’ offshore Aphrodite gas field to be linked to Egypt: NewMed

Mohamed Samir
Last updated: 2023/05/31 at 8:49 PM
By Mohamed Samir 5 Min Read
Share
Cyprus' offshore Aphrodite gas field to be linked to Egypt: NewMed
SHARE

Partners in the Aphrodite natural gas field, located offshore Cyprus, including Israel’s NewMed Energy, have announced their intention to build a subsea pipeline. The pipeline will connect the field to an existing processing and production facility in Egypt, pending approval from the Cypriot government.

NewMed Energy, which owns a 30% stake in the Aphrodite field, presented an updated plan to the Cypriot government for the development of the reservoir, including gas processing and production. The other partners in the field are energy giants Chevron and Shell, each with a 35% share. Chevron, the operator of the field, expects the new plan to lower the originally estimated development costs and bring forward the production start of natural gas from the reservoir by using existing infrastructure in Egypt.

Discovered in 2011, the Aphrodite natural gas field holds an estimated 124 billion cubic meters of gas. It is located about 170 kilometres south of Limassol in Cyprus and 30 kilometres northwest of Israel’s Leviathan gas reservoir. The total cost of the development plan, including the installation of pipelines to target markets, is estimated at $3.6bn.

Why does it matter?

NewMed Energy CEO Yossi Abu stated that regional ties will create opportunities for collaborations and infrastructure-sharing to meet the global demand for natural gas. The company is making significant progress with the development of the Aphrodite reservoir according to the work plan.

Israel and Egypt have recently emerged as significant players in the global gas market due to the major offshore gas discoveries in their respective territories.

NewMed Energy is also seeking to capitalize on this trend by supplying natural gas from the Aphrodite field to the domestic market in Cyprus, as well as exporting it by pipeline to other markets, including the Egyptian market and the global LNG market.

While the supply of natural gas from the Aphrodite reservoir is not expected until 2027 at the earliest, the development of this resource could have far-reaching implications for the future of the global gas market.

In June 2022, Egypt and Israel signed a memorandum of understanding to boost natural gas exports to Europe. This comes as Europe seeks to reduce its dependence on Russian energy imports.

The framework agreement signed with the European Union (EU) will be the first to allow for “significant” exports of Israeli gas to Europe through Egypt, according to Israel’s energy ministry. Under the agreement, the EU will encourage European companies to participate in Israeli and Egyptian exploration tenders.

The deal was signed during the East Mediterranean Gas Forum hosted by Egypt, a grouping established in 2020 that aims to increase gas trade between regional states including Israel, Greece, Cyprus, Italy, France, and Jordan. The signing took place during a visit to Cairo by European Commission President Ursula von der Leyen.

In 2018, Delek Drilling and Noble Energy, the operators of Israel’s largest natural gas fields Tamar and Leviathan, signed two 10-year agreements worth $15bn with the Egyptian company Dolphinus Holdings to export Israeli natural gas to Egypt.

 In 2019, Delek Drilling and Noble Energy, and Dolphinus Holdings established a joint venture under the name EMED. The joint venture bought a stake from East Mediterranean Gas Company, the owner of the Arish-Ashkelon pipeline, in a deal worth $518m, paving the way for Israeli gas exports to Egypt. Israeli gas exports to Egypt are set at a total of 85.3 billion cubic meters over 15 years.

Egypt aims to become a regional gas hub by leveraging its existing LNG plants in Idku and Damietta, as well as its import of gas from Israel and Cyprus for re-export to other markets. The country’s existing export infrastructure includes not only the two LNG plants but also two pipelines: the Arish-Ashkelon Pipeline and the Arab Gas Pipeline (AGP). 

The Damietta LNG complex is located 60 kilometres west of Port Said and has one train with a total capacity of 7.56 bcm per year of LNG. The Idku LNG complex is located 50 kilometres east of Alexandria and has two trains with a total capacity of 11.48 bcm per year. The total LNG export capacity stands at about 19 bcm per year.

You Might Also Like

Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity

Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company

ABB allocates €13bn for green transformation by 2030

DMZ Cairo Demo Day 2023 showcases Egypt’s top tech startups

Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo

TAGGED: Aphrodite, Cyprus, Gas
Share this Article
Facebook Twitter Email Print
By Mohamed Samir
Mohamed Samir Khedr is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
Previous Article EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
Next Article Banque du Caire’s net profit grows 29% to over EGP 1bn in 1Q 2023 Banque du Caire’s net profit grows 29% to over EGP 1bn in 1Q 2023
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
CCCPA, African Union train officials on ‘Climate Responsive Programming for Sustaining Peace’
Politics
Mountain View Sets New Standards for Life Experiences Built On the Science of Happiness at iCity
Real Estate
Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Egypt’s Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
Business
ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?