Recently, it was announced by Delek that the natural gas field of Aphrodite is commercial viability

According to ServPRO, the Ministry of Energy in Cyprus, has held a press release last Sunday, “Noble Energy International Ltd, Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership, holders of a license for the exploration of hydrocarbons in block 12 of Cyprus’ EEZ, have declared the commerciality of the “Aphrodite” natural gas field”.

All three licensed partners who had a chance to explore the field, have confirmed that the gas source is commercially viable and by now estimates a production of 8 billion cubic meters per year, as well as a pending construction of a pipeline that will connect the well to Cyprus and Egypt.

The Cypriot Government soon is planning to review the submission of a Development and Production Plan for the “Aphrodite” field, which must include the companies` proposal with regard to the method and the timeline for development and production, as well as the planning for the sales and marketing of the hydrocarbons.

Noble Energy stated that “Aphrodite” potential is able to supply the Cyprus domestic market as well as meet a strong regional demand. The Government of Cyprus has already discussed plans to create its own liquefied natural gas terminal.

Many politicians say that Cyprus is anticipating an economic boost and is seeking to develop its energy sector that may strengthen the economy in the nearest further.