Most of the investment is for drilling a well that will first confirm the size of the gas deposit, estimated to be 124 billion cubic metres, and then be used for production, NewMed said.
Drilling is expected to begin in the first half of 2023.
NewMed has a 30% stake in Aphrodite, located about 170 km south of Limassol. Chevron (CVX.N) and Shell each have a 35% share.
The partners are examining development options, NewMed said, including connecting the field to existing facilities in the area or linking it to development plans for nearby assets in Egypt.
Reporting by Ari Rabinovitch; editing by David Evans
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