Cyprus got a fillip over the weekend when partners exploiting a natural gas field off the island announced that the Aphrodite field is viable and could yield up to eight eight billion cubic meters (bcm) a year.
The news also included plans for the construction of a pipeline to Egypt, Reuters reports out of Jerusalem.
International partners include Texas’ Noble Energy and the Israel-based Delek Group, which discovered the natgas deposit in 2011 Cyprus’ No. 12 offshore Block. It also contains 9 million barrels of condensate.
The major investment plans also envisages a floating production storage and offloading vessel (FPSO) to process eight billion meters, Delek said in a statement.
Noble is the project operator with a 70 percent stake, while Delek, via two subsidiaries, holds the remaining 30 percent, Reuters noted.