The best estimate of contingent natural gas resources on Cyprus’ side of the Aphrodite field, located on the maritime border with Israel, has increased about 4 percent to 3.67 trillion cubic feet (Tcf), according to a commissioned assessment published Monday.
The low estimate of contingent gas resources – which refer to resources discovered through drilling and is different from prospective resources – rose around 5 percent to 2.73 Tcf. The high estimate increased approximately 4 percent to 4.59 Tcf, according to a bourse filing by Israel’s NewMed Energy LP, which commissioned the evaluation as part of the Chevron Corp-led consortium.
“In the previous resources report, all of the contingent resources were classified as ‘development pending’. In this report, approx. 2,101 Bcf (low 7 estimate, 1C), approx. 2,881 Bcf (best estimate, 2C) and approx. 3,513 Bcf (high estimate, 3C) of the contingent resources remained classified as ‘development pending’, while the remaining contingent resources were classified in this report as ‘development unclarified'”, the regulatory disclosure said.
“Development pending” refers to the volume of resources that may be produced under the field’s development plan, NewMed said.
The changes in estimates resulted mainly from “(1) an update to the geological model based on data received from laboratory tests of rock cores from the A-3 well; and (2) approval of the development plan by the Cypriot government and entry into the FEED [front-end engineering design] stage, which allowed, inter alia, a more precise specification of the planned production systems, including the number of wells and the projected daily production”, NewMed said.
The evaluation was conducted by Dallas, Texas-headquartered Netherland, Sewell & Associates Inc.
Aphrodite mostly lies in Block 12 in Cyprus’ exclusive economic zone (EEZ), while “a few percent” of the area is in Israel’s Ishai/370 lease, according to NewMed. Negotiations have been taking place between the Cypriot and Israeli governments on in-principle agreements about their interests in the field, the filing said.
“In these agreements, the reservoir will be developed by the interest holders on the Cypriot side, while the holders of the Ishai Lease and the state of Israel will receive one-time compensation for their share in the reservoir, the rate of which shall be determined by an international expert”, the filing said.
Recently the Aphrodite consortium sanctioned pre-construction works for the delayed project agreed with Nicosia.
“[T]he partners in the reservoir adopted a decision on commencement of FEED for the production systems and the transmission infrastructure in the sum of approx. $105.7 million”, NewMed said in a filing December 23, 2025.
Earlier last year Cyprus approved a $4-billion updated development plan, following failed talks on cost-saving changes to the original terms approved by the government November 2019, according to a NewMed filing February 15, 2025.
“Concurrently, an amendment was signed between the partners and the Cypriot government to the PSC [production sharing contract], in the context of which the partners undertook, inter alia, to adopt a final investment decision in 2027”, the February announcement said.
The new plan envisions four initial production wells to be connected to a floating production unit with a capacity of about 800 million cubic feet a day, which would be shipped to Egypt via a subsea pipeline.
On February 17, 2025 NewMed announced a non-binding memorandum of understanding (MoU) involving the consortium, the governments of Cyprus and Egypt, and state-owned Egyptian Natural Gas Holding Co (EGAS) about sale arrangements and the construction of the required transmission infrastructure.
“According to the MoU, EGAS shall serve as the sole buyer of the natural gas produced from the reservoir, while the partners shall be granted an option to purchase specific quantities of the gas that is sold to EGAS as liquefied natural gas”, NewMed said then.
Chevron operates Aphrodite with a 35 percent stake through Chevron Cyprus Ltd. Shell PLC’s BG Cyprus Ltd also owns 35 percent. NewMed, part of Delek Group, holds the remaining 30 percent.
To contact the author, email jov.onsat@rigzone.com
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