Chevron-led consortium, in charge of the development of Aphrodite field offshore Cyprus, has signed a non-binding memorandum of understanding (MoU) with the Egyptian…
Chevron-led consortium, in charge of the development of Aphrodite field offshore Cyprus, has signed a non-binding memorandum of understanding (MoU) with the Egyptian national gas company EGAS for the export of gas from the field to Egypt.
The MoU was signed by Chevron-led consortium, the Cypriot government, the Cyprus Hydrocarbons Company (CHC), the Egyptian government and the Egyptian national gas company EGAS.
The non-binding agreement outlines the framework for continued negotiations in connection with the export of natural gas from the Aphrodite field to Egypt, including the construction of the required transmission infrastructure and the sale arrangements.
Chevron Cyprus is the operator of the Aphrodite development, with Israeli firm NewMed Energy, and BG Cyprus, part of Shell, as partners.
According to the MoU, EGAS will serve as the sole buyer of the natural gas produced from the Aphrodite reservoir, while the partners shall be granted an option to purchase specific quantities of the gas that is sold to EGAS as liquefied natural gas (LNG).
The MoU also includes principles regarding the construction of the required transmission infrastructure and the sale arrangements,
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