The Aphrodite natural gas field could contribute to cover the demand for natural gas, according to a "The Times of Israel" publication, which cites the CEO of NewMed Energy, an Israeli company that holds rights to the gas field. "While promoting the second phase in Leviathan, which satisfies the energy needs of the local and regional economy, we are making progress and promoting the significant development of the Aphrodite gas field," said Yossi Abu, CEO of NewMed Energy. "Global demand for natural gas is increasing and a large field like the Aphrodite could help cover that demand."

Referring to the confirmatory drilling in Aphrodite, the newspaper writes that the Israeli company, which holds 30% of the rights to the gas field, stated that the confirmatory drilling is expected to last for about three months. Other partners in the Aphrodite project, which contains about 124 trillion cubic feet of gas, are the American giant Chevron and Shell, each of them holding 35% of the rights.

NewMed Energy reported that the confirmation drilling is being conducted in order to confirm estimates regarding the nature and size of the natural gas field. Aphrodite is expected to operate as a productive deposit after its development is completed.

The drilling will be a part of a broader work plan for the development of the Aphrodite deposit. In September, involved partners approved a budget of approximately $192 million for the drilling operation on the one hand and for the execution of the required engineering work on the other hand.

According to the Times of Israel report, the total cost of the development plan, including the cost of installing pipelines to connect the field with the target markets, is estimated at around $3.6 billion.

"All partners aim to supply natural gas from the Aphrodite field to the domestic market of Cyprus and export natural gas through pipelines to other markets, including Egypt and the global liquefied natural gas (LNG) market. Supply of natural gas from the field is expected at the earliest in 2027, according to NewMed Energy, as reported by the Israeli newspaper.

Earlier this year, partners in the Israeli Leviathan field (NewMed Energy, Chevron, and Ratio Oil Corp) announced plans to increase annual gas production and exports by 2025 to meet growing demand. Currently, up to 12 billion cubic meters are produced and sold from Leviathan per year to supply gas to Israel, Egypt, and Jordan.

Both Israel and Egypt have emerged as natural gas exporters in recent years. At the same time, Europe is determined to reduce its dependence on Russian imports. In June, Israel and Egypt signed a memorandum of understanding with the EU, according to which Israel will export its natural gas to the EU for the first time. Under the agreement, Israeli natural gas will go to the EU through the liquefaction terminals of Egypt.