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An investment of 192 million dollars was approved by the partners in Aphrodite

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Partners for the Aphrodite gas field in Cypriot waters have approved a $192 million investment to start drilling and cover other development costs for the offshore project, Israel's NewMed Energy said on Sunday.

As Reuters reports, most of the investment concerns drilling that will first confirm the size of the natural gas field, which is estimated to be 124 billion cubic meters. It will then be used for production, NewMed said.

Drilling is expected to begin in the first half of 2023.

NewMed has a 30% stake in Afroditis, located approximately 170 km south of Limassol. Chevron and Shell each have a 35% stake.

The partners are considering development options, NewMed said, including connecting the field to existing facilities in the region or linking it to development plans in Egypt, Reuters reports.

Source: KYPE