consortium proposed connecting the Aphrodite gas field via a subsea pipeline and existing infrastructure to Egypt, where the gas can be sold in the domestic market or liquefied and shipped to Europe, which has largely been cut off from Russian supplies.
"The modification has been rejected. The expectation of the Republic of Cyprus is the consortium honours what was mutually agreed by the parties in 2019," Papanastasiou told Reuters., which is a partner in the Aphrodite field, said earlier this week. "Connecting to Egypt will help them with peak domestic consumption in the summer, add stability and reduce tensions in the region, and allow exports for Europe," the U.S. source said.
Aphrodite, discovered more than a decade ago, holds an estimated 124 billion cubic metres of gas. Chevron is a partner in the field with NewMed and ShellIts development would give a vital boost to the Eastern Mediterranean gas basin which has attracted huge investment in recent years, particularly in the wake of Russia's invasion of Ukraine as Europe sought to replace Russian fossil fuel.