GAS EXTRACTION BEGINS STUDY & DESIGN PHASE - Pafos Live 23/6
Chevron is not approaching the "Aphrodite" block in the Cypriot EEZ in isolation, but as part of an integrated portfolio that connects high-quality resources with neighbouring markets that are recording increased demand, said Chevron Cyprus Director, Basil Allam, in an interview with "The Parliament Magazine".
Asked about the stage at which the exploration in block 12 of the Cypriot EEZ is located, Mr. Allam said that "Aphrodite" has now entered the study and design phase (FEED), which is the most critical step in making the Final Investment Decision (FID).
According to an announcement, Mr. Allam said Chevron has resources totalling about 44 trillion cubic feet (1.25 trillion cubic meters) of natural gas in the wider region.
According to the Director of Chevron Cyprus, the goal is to create a modern floating production unit in Cyprus, which will produce 800 million cubic feet of natural gas per day which will be exported through a pipeline to Egypt, where demand is constantly increasing.
The business environment offered by Cyprus also plays an important role in these efforts, since, as mentioned by Mr. Allam, "Cyprus is an excellent investment destination, as it offers a stable and predictable environment and a government that is willing to engage constructively with the business world."
