Israeli "Newmed" Begins Drilling with "Chevron" and "Shell" in Gas Field off Cyprus

Israeli firm "Newmed Energy" announced today, Sunday, that it has begun drilling an appraisal well in the Aphrodite natural gas field off the coast of Cyprus in collaboration with companies "Chevron" and "Shell." The Aphrodite field is estimated to contain around 124 billion cubic meters of gas. It was discovered over a decade ago in the eastern Mediterranean near the large Leviathan field in Israel, which is already producing gas for Newmed and Chevron. Newmed pointed out that "the drilling aims to confirm the estimates, and once development is completed, the well will subsequently be used as a production well. This will take three months." Yossi Abu, the company's CEO, stated, "Global demand for natural gas is increasing, and a large reservoir like Aphrodite can help meet that demand." Last year, Israel and Egypt signed an agreement with the European Union to enhance natural gas exports as a means to help Europe replace Russian energy imports. Newmed holds a 30% stake in the field, located about 170 kilometers from Limassol, while Chevron and Shell each own 35%.