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All necessary signatures have been obtained for the memorandum of understanding (MoU) concerning the sale of all recoverable natural gas from Cyprus’ Aphrodite field to the Egyptian Natural Gas Holding Company (EGAS).
Egypt has secured the entire natural gas output from Cyprus's Aphrodite field, a move aimed at bolstering its energy security and investing in new gas transmission infrastructure in the Eastern Mediterranean.
NewMed Energy Management Ltd announced that all signatures have been obtained for the memorandum of understanding (MoU) covering the sale of all recoverable natural gas from Cyprus’ Aphrodite field to the Egyptian Natural Gas Holding Company (EGAS).
Cyprus and Egypt have signed a significant agreement for the development of hydrocarbon deposits within Cyprus’s Exclusive Economic Zone, specifically including the Kronos and Aphrodite fields.
Egypt has reportedly agreed to buy the entire output from Cyprus's Aphrodite gas reservoir in its exclusive economic zone once production begins.
Cyprus and Egypt have signed a new framework agreement in Cairo for the commercial development of natural gas, reaffirming their commitment to developing offshore gas fields via Egyptian infrastructure.