A multi-billion-dollar revised development and production plan for exploiting the Aphrodite gas field within six years is expected to be received by the government within days, said Energy Minister Giorgos Lakkotrypis.
According to the timeframes given by the consortium, the gas field is expected to produce natural gas by 2025.
Cyprus expects to earn $9.3 bln over 18 years from exploiting its Aphrodite gas field after Nicosia renegotiated the contract in June.
A re-working of the production contract ensures Nicosia receives an average yearly income of 520 million dollars over the lifespan of the gas field. The figures are based on the average price of oil being around $70 a barrel.
Previously the consortium - Texas-based Noble Energy, which is the operator, British-Dutch giant Shell and Israel’s Delek - had no obligation to stick to a timeline, now natural gas is expected to flow from Aphrodite and be pumped to Egypt via a pipeline.
