Natural gas: Egypt “locks in” all production from the Aphrodite field in Cyprus

Egypt has agreed to acquisition each accumulation from Cyprus’s Aphrodite gas field erstwhile it comes online successful astir six years, arsenic the North African state seeks to unafraid semipermanent supplies to conscionable increasing demand.

The Egyptian Natural Gas Holding Company signed a preliminary statement with the companies managing the Aphrodite field, the Cypriot authorities lipid and state company, and NewMed Energy, which holds a involvement successful the project, according to a statement.

The field’s partners and Egypt besides agreed connected a model to make a state transmission strategy disconnected Egypt’s coast.

Although accumulation from the Aphrodite tract is expected to statesman successful 2031, according to NewMed, Egypt is acceptable to payment from further state volumes arsenic it has go a nett importer owed to rising request and declining output from home fields. LNG imports person increased, and the state inactive relies connected pipelines carrying state from Israel.

Supplies from Israel precocious resumed aft a astir one-month hiatus, arsenic fields that had been temporarily unopen down owed to the warfare successful the Middle East came backmost online. Similar disruptions successful the past person prompted Egypt to unafraid further LNG cargoes from planetary markets.

Cairo and the Aphrodite tract partners volition found a institution successful Egypt called Aphrodite Midstream Company, which volition beryllium liable for implementing the offshore state transmission system, according to Thursday’s announcement.

NewMed holds a 30% involvement successful the Aphrodite tract license, portion Chevron and Shell each clasp 35%, according to the company’s website.