JERUSALEM (Archyde.com) – Israeli energy company Numid Energy said on Sunday that partners in the Cypriot offshore Aphrodite gas field have approved investments worth $192 million to start drilling and cover other development costs for the offshore project.
The company added that most of the investments will be directed to drilling a well, which will first confirm the volume of gas reserves in the field, which is estimated to be 124 billion cubic meters, and then the remaining amounts will be used for production.
Excavation work is expected to start in the first half of next year.
Neomed owns a 30 percent stake in the Aphrodite field, located regarding 170 km south of Limassol. Chevron (NYSE:) and Shell each own 35 percent.
Newmed said that the partners are discussing development options, including linking the field with existing facilities in the region, or linking it with plans to develop nearby assets.
(Press coverage by Ari Rabinovitch – Prepared by Salma Najm for the Arabic Bulletin – Edited by Doaa Mohammed)
