HomeTop Global NewsNewMed Energy, Chevron, And Shell Begin Drilling Offshore Cyprus

NewMed Energy, Chevron, And Shell Begin Drilling Offshore Cyprus

Israel-based NewMed and its partners, Shell and Chevron, have begun drilling an appraisal well at the Aphrodite natural gas field offshore Cyprus, NewMed revealed on Sunday.

NewMed added that the drilling is expected to last three months, during which time it is supposed to confirm estimates for the amount of natural gas being held by the field. It is then expected to be used as a production well once development is complete.

Global demand for natural gas is increasing and a large reservoir like Aphrodite can help meet the demand,” said NewMed’s chief executive Yossi Abu. It is currently estimated that the Aphrodite offshore field holds approximately 124 billion cubic meters of gas.

NewMed holds a 30% stake in the field, while Shell and Chevron each own a 35% stake. This cooperation marks the deal that Israel and Egypt signed with the European Union last year to boost natural gas imports to the European continent as a means of replacing Russian imports.

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