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  • NewMed Energy – Limited Partnership : Submission of an updated plan for development of the Aphrodite reservoir for the Cypriot government’s approval
    édité le 01/06/2023 - Plus de news de "NewMed Energy" - Voir la fiche entreprise de "NewMed Energy"

NewMed Energy – Limited Partnership : Submission of an updated plan for development of the Aphrodite reservoir for the Cypriot government’s approval
Further to Section 7.3.11 of the Partnership’s periodic report as of December 31, 2022, as released on March 28, 2023 (Ref. no.: 2023-01-033096) (the “Periodic Report”), regarding the approved development and production plan for the Aphrodite reservoir, which is located in the area of Block 12 in the EEZ of the Republic of Cyprus (the “Approved Development and Production Plan” and the “Aphrodite Reservoir” or the “Reservoir”, respectively), and regarding examination, by the partners in the Aphrodite Reservoir, of additional development alternatives, the Partnership respectfully reports that, in accordance with the recommendation of the operator in the Reservoir, Chevron Cyprus Limited (the “Operator”), on May 31, 2023, the partners in the Aphrodite Reservoir submitted, for the Cypriot government’s approval, an updated plan for development of the Reservoir which includes a change to the fundamental project concept of the Approved Development and Production Plan (the “Updated Development and Production Plan”).

According to the Updated Development and Production Plan, production of the natural gas from the Reservoir and the processing thereof will be carried out through the construction of a subsea pipeline and connection thereof to existing offshore and onshore infrastructure in Egypt.

According to a current estimate of the Operator, as was delivered to the Partnership and to the Cypriot government, and before completion of technical-economic feasibility tests, including performance of FEED, the Updated Development and Production Plan may reduce the development costs compared with the Approved Development and Production Plan, and bring forward commencement of production of the natural gas from the Reservoir.

Caution regarding forward-looking information – The information presented herein regarding the possibility of reducing the costs of the Updated Development and Production Plan and of bringing forward commencement of production of the gas from the Reservoir, constitutes forward-looking information, within the meaning thereof in Section 32A of the Securities Law, 5728-1968. The said information is based on estimates and assumptions of the Operator in the Aphrodite Reservoir, which may not materialize or may materialize in a materially different manner due to factors beyond the Partnership’s control, inter alia as a result of materialization of one or more of the risk factors entailed by the Partnership’s activity, including as specified in Section 7.28 of the Periodic Report.

The partners in the Aphrodite Reservoir and their holding rates are as follows:
   - Chevron Cyprus Limited 35%
   - BG Cyprus Limited 35%
   - The Partnership 30%

About NewMed Energy

NewMed Energy is Israel’s leading energy partnership in the exploration, development, production and sale of natural gas and condensate.
The partnership previously named “Delek Drilling” is a subsidiary of the Delek Group.

NewMed Energy operates mainly in the Eastern Mediterranean, initiated the natural gas sector in Israel, and made history with its unprecedented agreements with Egypt, Jordan and the UAE which strengthened peace and increased stability in the Middle East. NewMed Energy has been a key partner in all of the gas discoveries made in the last thirty years in Israel’s EEZ, and in the first natural gas discovery made in Cyprus’s EEZ.

Currently holding 45.34% of the Leviathan Reservoir, the largest gas reservoir in the Mediterranean, the Leviathan gas production serves as a key source of energy for the State of Israel and the countries of the region.

In accordance with its strategic policy, in the coming years NewMed Energy will invest in the development of new technologies to produce energy from alternative sources: producing blue hydrogen alongside carbon capture, promotion of renewable energy projects, and more.

Origine : Communiqué NewMed Energy

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