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Aphrodite Gas Field off Cyprus to Be Linked to Egypt

Image-3-Aphrodite-Gas-Field
Image-3-Aphrodite-Gas-Field
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Aphrodite Gas Field off Cyprus to Be Linked to Egypt

Image-3-Aphrodite-Gas-Field
Image-3-Aphrodite-Gas-Field

The offshore Aphrodite natural gas field being developed in Cypriot waters will be connected to an existing processing and production facility in Egypt via a subsea pipeline, one of the partners in the project said on Wednesday.

NewMed Energy said it had submitted with partners Chevron and Shell a development plan for Cypriot government approval. The group met the Cypriot energy minister on Monday to discuss progress, Reuters said.

"The updated plan is expected to accelerate and reduce the cost of development," NewMed said.

Aphrodite, discovered more than a decade ago about 170 km (105 miles) from Limassol, holds an estimated 124 billion cubic meters of gas. NewMed has a 30% stake in the field, while Chevron and Shell each hold a 35% share.

The group said earlier this month that it had begun drilling an exploration well meant to confirm the estimates. It would later be used for production.

Chevron said in a statement it was "currently working to progress the Aphrodite project."

"Beyond this, it is not our policy to comment on commercial matters," it said.

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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)

Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026.

Saudi Minister of Economy and Planning Faisal Alibrahim and WEF President Børge Brende, made the announcement on Friday - the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining the world.

“Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead,” said Alibrahim.

“In this critical juncture for the global economy, we are not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026,” he added.

For his part, Brende said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequences. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.