Egypt is putting its foot on the gas pedal in a bid to fast-track its Mediterranean energy hub ambitions by holding high-level talks with the U.S.-headquartered energy giant Chevron to secure an accelerated timeline for its infrastructure to be linked to a gas field off the coast of Cyprus.
The new opportunities for Chevron to expand its gas exploration activities in the Mediterranean and acceleration of the frameworks and procedures required to finalize agreements for connecting Aphrodite to Egypt’s infrastructure were among the key topics during a videoconference meeting between Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, and Javier La Rosa, President of Chevron’s Base Assets and Emerging Countries, which was also attended by some of the company’s senior executives.
Badawi asserted the importance of accelerating the completion of the necessary procedures and agreements to connect the Aphrodite field to the country’s infrastructure, supporting progress in implementing the project and maximizing the available potential for both sides.
Aphrodite was discovered with the A-1 well in September 2011 and was followed by the A-2 appraisal well, drilled in 2013, which confirmed approximately 98 billion cubic meters (bcm) of contingent resource with potential for an additional 26 bcm of prospective resources.
The plan is to develop a system offshore Egypt for gas transmission to EGAS. Located in the area of Block 12 in Cyprus, the Aphrodite project envisions the production and processing of natural gas from the field through four production wells connected to a floating production unit (FPU) positioned over the field.
Egypt’s Minister of Petroleum and Mineral Resources pointed out that cooperation with Cyprus in the domain of natural gas received high-level political support, providing important momentum for advancing the various technical and commercial tracks related to the project.
He also highlighted the importance of intensifying coordination among all concerned parties during the upcoming period and finalizing the relevant technical, financial, and commercial frameworks and timelines to pave the way for the completion of agreements and advance the Eastern Mediterranean project toward implementation.
The attendees also discussed Chevron’s plans to expand its activities in the Egyptian market, particularly in natural gas exploration in the Mediterranean, in light of the investment opportunities available in the Western Mediterranean.
In addition, the topics that were covered during the meeting focused on enhancing cooperation in exploration, production, and development, supporting intensified drilling and exploration activities, discoveries, and increased production rates.
To this end, Badawi affirmed the petroleum sector’s commitment to providing a supportive environment for expanding the investments of international companies in exploration activities and maximizing the potential of promising opportunities in the Mediterranean, thereby supporting efforts to increase domestic natural gas production.
Chevron’s commitment to continuing its activities and investments in Egypt and strengthening cooperation with the Ministry of Petroleum and Mineral Resources and its partners across various projects was also confirmed during the videoconference.
La Rosa commended the support provided by the country’s Ministry of Petroleum and Mineral Resources and the efforts being made to accelerate the completion of agreements and joint projects, reaffirming the company’s commitment to continuing its work in line with the targeted programs and timelines.
Power Your Brand With Offshore Energy ⤵️
Take the spotlight and anchor your brand in the heart of the offshore world!
Join us for a bigger impact and amplify your presence at the core hub of the offshore energy community!
