Aphrodite Natural Gas Field

The First Natural Gas discovery in Cyprus

The Aphrodite natural gas field, located in Block 12 of the exclusive economic zone of Cyprus, has the potential to have the same transformative effect on Cyprus as Tamar and Leviathan had on Israel, in terms of national energy independence, significant revenues for the state and material environmental improvements.

The Aphrodite field is located 160 km south of Limassol, and 30 km northwest of the Leviathan field, in an area where sea depth is 1,700 meters. Aphrodite was discovered by the A-1 well in September 2011. The A-2 appraisal well, drilled in 2013, confirmed approximately 98 BCM of contingent resource with a potential for an additional 26 BCM of prospective resources.

In November 2019, the Government of Cyprus granted the partners in Block 12 a production license for 25 years, with an option to extend the term by another 10 years, together with the approval of an outline for development of the reservoir.

Following the approval of the development plan by the Government of Cyprus, the partners have commenced Front-End Engineering Design (FEED) with a total scope of approximately $106 million (100%). As part of the development plan, the partners will establish an independent floating production facility to be located at the reservoir. Furthermore, the Aphrodite partners have signed a Memorandum of Understanding for the sale of the total natural gas volume produced from the reservoir (approximately 100 BCM) to EGAS, the Egyptian Natural Gas Holding Company, and have reached an agreement with the Egyptian government for the construction of a subsea pipeline connecting the reservoir to the Egyptian transmission system.

The Final Investment Decision (FID) is expected to be reached in 2028, with first gas anticipated in 2031.