Cyprus signs deal for offshore gas concession
Cyprus has recently signed a 25-year concession earlier in November, for the exploitation of a gas reservoir south-east of the island first discovered in 2011. The 25-year exploitation licence is the first of its kind signed with Cypriot EEZ licensees and its based on the final development and production plan of Aphrodite agreed between the Cypriot authorities and the consortium of Noble Energy, Shell and Delek Drilling.
On the basis of the plan, the natural gas from Aphrodite will be transferred via a subsea pipeline to Egypt’s Idku LNG plant from where it will liquified and exported to European and international markets, an option deemed as the optimum one by the Ministry of Energy.
