All the signatures have been collected for the Memorandum of Understanding (MoU) for the sale of all the quantities of natural gas that can be extracted from the Aphrodite field, which is located in the area of Block 12 of the Cypriot EEZ, to the Egyptian Natural Gas Holding Company (EGAS), NewMed Energy Management Ltd has announced.
In an announcement through the Israel Stock Exchange, which is also addressed to the Israeli Securities and Exchange Commission, NewMed Energy states that the MOU was signed by the field partners, the Cyprus Hydrocarbon Company and the Egyptian EGAS.
Furthermore, it states that in the coming weeks, the signing of the Host Government Agreement (HGA) regarding the development of a system off the coast of Egypt for the transport of natural gas from the Aphrodite to Egypt is expected to be completed with the Egyptian Government.
It further notes that the parties to the Memorandum of Understanding are negotiating a binding agreement for the transfer of natural gas from the Aphrodite field to EGAS.
The announcement also mentions the participation percentages of each partner in Aphrodite: Chevron Cyprus Limited 35%, BG Cyprus Limited 35%, NewMed Energy (referred to as the Partnership) 30%.
A LinkedIn post from NewMed Energy entitled 'Another Important Step Forward for Aphrodite,' meanwhile, also notes, "The Aphrodite project continues to move forward. Following the signing of the Memorandum of Understanding for the sale of natural gas from the reservoir to Egypt, all parties have now completed the signing process, marking another important milestone in advancing the project. In parallel, the Host Government Agreement (HGA) with the Egyptian government is expected to be finalized in the coming weeks, while negotiations continue toward the execution of the binding Gas Sale and Purchase Agreement (GSPA) with EGAS. Step by step, the commercial, regulatory and infrastructure framework required for development is taking shape, bringing the project closer to a Final Investment Decision (FID) and reinforcing the Eastern Mediterranean's role as an important source of reliable energy supply through regional cooperation."
(Sources: InBusinessNews, LinkedIn)
