Chemron and Egypt have held discussions aimed at expediting the timeline for gas infrastructure as part of their Mediterranean energy project. The talks took place during a video conference attended by Karim Badawy, Egypt's Minister of Petroleum and Mineral Resources, and Javier La Rosa, Head of Base Assets and Emerging Countries at Chevron.
Details of the Negotiations and the Importance of Cooperation
During this meeting, topics such as expanding Chevron's gas exploration activities in the Mediterranean and accelerating the necessary frameworks and procedures to finalize agreements for connecting the Aphrodite gas field to Egypt's infrastructure were discussed. Badawy emphasized the importance of speeding up the completion of the necessary processes and agreements for this connection and supported the progress made in implementing the project and maximizing the existing potential for both parties.
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The Aphrodite Project and Development Outlook
The Aphrodite gas field was discovered in September 2011 with well A-1, followed by the drilling of appraisal well A-2 in 2013, which confirmed approximately 98 billion cubic meters of probable resources and a potential of 26 billion cubic meters of recoverable resources. A gas supply system is planned to be developed on the shores of Egypt to transport gas to EGAS.
This project, located in Block 12 of Cyprus, involves the production and processing of natural gas from the field through four production wells connected to a floating production unit (FPU) situated above the field. Badawy also referred to high-level political support for cooperation with Cyprus in the field of natural gas and emphasized the need to accelerate coordination among all relevant parties.
Chevron's Development Activities in the Egyptian Market
In this meeting, Chevron also reviewed its plans to expand activities in the Egyptian market, particularly in the area of gas exploration in the Mediterranean. These plans are being undertaken in light of the investment opportunities available in the Western Mediterranean to increase natural gas production rates in Egypt. Badawy emphasized that Egypt's oil sector is committed to providing a supportive environment for expanding international companies' investments in exploration activities.
In conclusion, it was emphasized that Chevron is committed to continuing its activities and investments in Egypt and strengthening cooperation with the Ministry of Petroleum and Mineral Resources and its partners in various projects.
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