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AP National Business

Cyprus expects gas field development plan by end of year

KION
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Published 7:59 AM

By MENELAOS HADJICOSTIS
Associated Press

NICOSIA, Cyprus (AP) — The energy minister of Cyprus says a  plan to develop a sizeable natural gas field off the Mediterranean island nation will be ready by the end of the year. Energy Minister Natasa Pilides said another well at the Aphrodite field will be used to gather additional information about the deposit’s size and to extract gas at a later stage. Initially discovered in 2011, the Aphrodite field is estimated to hold up to 4.4 trillion cubic feet of gas. Chevron, along with partners Dutch Shell and Israeli NewMed Energy, now own the drilling rights. Russia’s war in Ukraine has the European Union searching for alternative energy sources.

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