Cyprus is hoping to ship gas from its 4.5 trillion cubic feet Aphrodite offshore gas field to Egypt by 2022, Cyprus energy minister Giorgos Lakkotrypis has said, Cyprus Mail reported.
“If all goes as planned, natural gas will start flowing to Egypt in 2022,” Lakkotrypis said.
The field is operated by a consortium of companies including Texas-based Noble Energy, Israel’s Delek, and Royal Dutch Shell.
The consortium has a preliminary agreement with Shell to sell gas to the company to be processed at its LNG terminal in Egypt.
However, the consortium has warned that the project may not be viable because of low oil prices, and has asked to renegotiate the current agreement.
“The best option is to try and find a mutually acceptable solution with the consortium so that the Aphrodite reserve is developed as soon as possible,” Lakkotrypis said.
He added that negotiations will be closed as quickly as possible since sector conditions change on a daily basis and the window of opportunity is small.