Aphrodite Gas Field off Cyprus to Be Linked to Egypt

 Image-3-Aphrodite-Gas-Field
Image-3-Aphrodite-Gas-Field
TT
20

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.



Türkiye Submits Draft Proposal to Iraq to Renew, Expand Energy Agreement

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
TT
20

Türkiye Submits Draft Proposal to Iraq to Renew, Expand Energy Agreement

FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo
FILE PHOTO: A general view of oil tanks at Türkiye's Mediterranean port of Ceyhan, some 70 km (43.5 miles) from Adana February 19, 2014./File Photo

Türkiye has submitted a draft proposal to Iraq to renew and expand an energy agreement between the two countries to include cooperation in oil, gas, petrochemicals and electricity, an Iraqi oil ministry official told the state news agency late on Monday.

The statement came after Ankara announced the end of a decades-old agreement covering the Kirkuk-Ceyhan oil pipeline.

"The Ministry of Oil is in the process of reviewing the draft agreement sent by the Turkish side and negotiating with them regarding it to reach a formula that serves the interests of Iraq and Türkiye", the Iraqi oil ministry official added.

The 1.6 million barrel-per-day Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorized Iraqi exports between 2014 and 2018. Türkiye is appealing the ruling.

Türkiye still wants to revive the oil pipeline with Iraq, a senior Turkish official told Reuters earlier on Monday.

In a decision published in its Official Gazette on Monday, Türkiye said the existing deal dating back to the 1970s - the Türkiye -Iraq Crude Oil Pipeline Agreement - and all subsequent protocols or memorandums would be halted from July 27, 2026.

Iraq and Türkiye have been working to resume oil flows from the pipeline. Ankara said in late 2023 that the pipeline was ready to receive Iraq's oil but talks between Baghdad, Iraq's Kurdistan Regional Government and independent oil producers were not able to reach an agreement on terms.

The Turkish official said the pipeline had the potential to become a "highly active and strategic pipeline for the region".

The person added that Türkiye had invested heavily in its maintenance, and noted its importance for regional projects like the Development Road - a planned trade route involving Türkiye and Iraq.

"A new and vibrant phase for the Iraq- Türkiye pipeline will benefit both countries and the region as a whole," the Turkish official said, without giving details of what Ankara wanted the new agreement to include.

Türkiye sees the Development Road initiative - a high-speed road and rail link, running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - as an opportunity to extend the pipeline further south. Baghdad allocated initial funding for the project in 2023.