“At the moment, we are at the consultation stage with the joint venture over the development and production plan,” Lakkotrypis said. “We expect to receive the new edition of the development and production plan in the next few days and after it is agreed it will be put to the cabinet, with the revised (production sharing) contract, and if the cabinet is positive, an exploitation licence will be issued.”

The minister spoke to reporters after a meeting between President Nicos Anastasiades and a delegation of the joint venture, Noble Energy, Delek, and Shell, which owns the Aphrodite concession.

The team was headed by Shell’s executive vice president for integrated gas ventures, Venter De la Rey.

A production-sharing deal for the Aphrodite gas reservoir worth over $9 billion (€7.9 billion) over 18 years was agreed between the two sides in June.

Lakkotrypis said a big effort was underway by both parties to reach a mutually acceptable text on the further development of the reserve.

The minister said the companies planned to drill a second appraisal well at Aphrodite to have a more accurate picture of the reserve’s potential.

The Aphrodite reserve is estimated to hold 4.1tcf of natural gas.

Source: Cyprus Mail