“Based on preliminary interpretation of the well data, the discovery could represent an in-place natural gas resource of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters)”, the United States energy giant said in a press release February 28, 2019.
Under the deals, production from the Cronos gas field, off Cyprus’s southwest coast, and Aphrodite, located to the southeast, will be transported to Egyptian liquefaction facilities at Idku and Damietta before being exported as liquefied natural gas. The signing of the memorandum of understanding was overseen by Egyptian President Abdel-Fattah El-Sisi and Cypriot President Nikos Christodoulides at a gas conference in Cairo.
Cyprus hopes during talks which start next month, to develop plans for a pipeline linking it to Israel’s east Mediterranean gas fields, the island’s top energy official told Reuters.