Egypt and Chevron Aim for September FID on Aphrodite Gas Field
Egypt's Oil Ministry, in collaboration with Chevron, targets a final investment decision on the Aphrodite gas field by September. This move is critical as it supports Egypt's strategy to enhance its LNG export capacity and reduce reliance on single supply corridors.
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Egypt and Chevron are finalizing agreements for the Aphrodite gas field, aiming for a final investment decision by September. Under a prior agreement, Egypt will acquire all of Aphrodite's output through a USD 2 billion pipeline funded by Cyprus, with gas expected to reach Port Said by 2030.
Additionally, BP and Harbour Energy plan to drill a USD 150 million exploration well in the Ghourab field, potentially containing 975 bcf of recoverable gas. The Egyptian Drilling Company is also expanding its operations to Turkey under a USD 43 million contract. This diversification reduces Egypt's LNG import dependency and positions it as a processing hub in the East Mediterranean.
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