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Revenue from 'Aphrodite' Estimated to Exceed $9 Billion
June 7, 2019
Cyprus’ revenues from the exploitation of the “Aphrodite” natural gas field are expected to exceed $9 billion over an 18-year period, based on the agreement the Republic has reached with the consortium of companies that holds the license for the “Aphrodite”, Energy Minister Yiorgos Lakkotrypis revealed on June 5, after the Cabinet’s meeting.
According to the Cyprus News Agency, Lakkotrypis said that negotiations with the licensees, namely Noble Energy, Shell and Delek Drilling, have been concluded, adding that they aimed to change the revenue-sharing agreement, while at the moment the two sides are discussing the development and production plan.
“Once these two documents are finalised and presented to the Council of Ministers, a license will be issued to allow for the exploitation of the Aphrodite field. We believe that this is a good agreement, under the circumstances, with the companies, which will also allow the Republic of Cyprus to earn significant commercial revenues, which are estimated to be over $9 billion over an 18 year-period always based on an average oil price of $70” per barrel, he noted and spoke of “very significant revenue”.