Chevron and Shell have submitted an updated $4 billion plan to the Cypriot government for the earlier development and production plan of the offshore Aphrodite natural gas field, according to Reuters.

The updated plan includes the construction of an independent floating production facility, which will be positioned above the Aphrodite reservoir.

This facility is expected to have a maximum production capacity of approximately 800 million cubic feet per day (mcf/d), initially utilizing four production wells. The natural gas will be exported via a pipeline to the Egyptian transmission system, it said.

The Aphrodite field, located in Block 12 approximately 170 km offshore Limassol, Cyprus, holds an estimated 3.6 trillion cubic feet (tcf) of gas.

Chevron Cyprus, which acts as the operator of the field, holds a 35% stake, while BG Cyprus, supported by Shell, also owns a 35% share. Israel’s NewMed Energy has a 30% stake in the project.

Final investment decision (FID) for implementing the Updated Development and Production Plan is subject to FEED execution, commercial arrangements associated with the to-be-installed export pipeline, the signing of agreements for the supply of natural gas and fulfillment of the closing conditions in such agreements, regulatory approvals and financing arrangements.

Notably, there have been protracted talks on the future development of the Aphrodite field south-east of Cyprus since Chevron attempted to introduce changes to a 2019 field development plan.

That plan had been agreed between Cyprus and license-holder Noble, an independent energy operator Chevron acquired in 2020.