Egypt agreed to buy all natural gas production from the Cypriot deposit «Venus», which is expected to enter into operation in 2031. Egyptian Natural Gas Holding Co. signed a preliminary agreement with project partners – NewMed Energy LP (30%), Chevron (35%) and Shell (35%). The sides will recommend Aphrodite Midstream Co. to implement a transmission system off the Egyptian coast. The agreement aims to ensure the long-term supply of Egypt, which has become a net importer due to increased demand and reduced domestic production.
Analyticalally:
The Egypt agreed to buy the entire production from the deposit gas «Venus» THE Cyprus, when this comes into operation in about six years, seeking to ensure long-term adequate supply to meet increasing demand, according to Bloomberg.
Egyptian Natural Gas Holding Co. signed a preliminary agreement with companies managing the deposit project «Venus», as well as with the state oil and gas company of Cyprus, NewMed Energy LP, which holds a share of the project, according to the announcement. At the same time, the deposit partners and Egypt agreed on a framework for the development of a gas transmission system off the Egyptian coast, as stated in the same communication.
Although production from the deposit «Venus» it is expected to start only in 2031, according to NewMed Energy LP, Egypt will benefit from any additional amount of natural gas, as it has been converted into a net importer due to increased demand and reduced production from its domestic perspectives.
The country's markets in liquefied natural gas (LNG) have increased, while still dependent on supplies through pipelines from Israel.
Supplies from Israel have recently restarted, after a month's interruption, as deposits temporarily closed due to the Middle East war began again. Previous corresponding holidays had led Egypt to turn to the market for more LNG than international markets.
Cairo and its partners «Venus» will set up a new company called Aphrodite Midstream Co. in Egypt, with a view to implementing the gas transmission system off the Egyptian coast, according to the relevant communication of Thursday.
NewMed Energy LP holds 30% on the deposit licence, while Chevron and Shell own 35% each, according to NewMed's website.
Source: skai.gr
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