Bloomberg on Thursday reports that Egypt has agreed to buy the entire output of Cyprus’ offshore Aphrodite gas deposit when the field commences production -estimated in around six years.
The news agency said Cairo aims to ensure a long-term supply to meet mushrooming domestic demand.
According to the report, Egyptian Natural Gas Holding Co. signed the initial deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, Newmed Energy LP, which owns a stake in the project.
“The Aphrodite partners and Egypt also agreed a framework to develop a gas transmission system off the coast of the African country,” Bloomberg reports.
“Supplies from Israel recently resumed after a monthlong halt as fields that were temporarily shut because of the war in the Middle East restarted. Previous such closures had prompted Egypt to secure more LNG from world markets.”
