NewMed Energy announced on Sunday the submission of an updated development plan for the "Aphrodite" gas field to the Cypriot government for approval. The plan, prepared by the field's partners (NewMed Energy, Chevron, and Shell), is based on the previously approved 2019 development and production plan.

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According to the updated plan, NewMed Energy stated that "the production and processing of natural gas from the field will be carried out through the construction of an independent floating production unit, which will be positioned above the 'Aphrodite' field with an estimated maximum production capacity of approximately 800 million cubic feet per day, initially, through four production wells." It is further mentioned that the natural gas will be exported via pipeline to the Egyptian transportation system.

The announcement also notes that, according to the current estimate by the field's operator, Chevron, and before the completion of the technical and economic studies, including the Front-End Engineering Design (FEED), the cost of the updated development and production plan is estimated at approximately $4 billion (100%).

Yossi Abu, CEO of NewMed Energy, stated, "We have updated the development plan in accordance with the guidelines of the Cypriot Minister of Energy and are awaiting the plan's approval to enable rapid progress in developing the field."

He emphasized, "The development of the field is another step in the regional collaborations emerging around natural gas in the Mediterranean basin."