The Israeli company NewMed announced that it is proceeding with the Aphrodite gas field in Cyprus.
According to a Reuters report, Israeli company NewMed Energy announced yesterday, Monday, that it is moving forward with the development of the Aphrodite gas field in the Cyprus EEZ, while posting a drop in its quarterly profits as new tax regulations came into effect.
As the company noted, a decision had been taken with its partners in Aphrodite so that it could "work with a drilling vessel to drill the first production well in the reservoir".
He did not disclose details of the timeline
Venus was discovered in 2011 and is estimated to contain 129 billion cubic metres (bcm) of gas.
"This is a significant step towards the potential development of Aphrodite - the first gas discovery in Cyprus," the company said.
NewMed also reported first quarter net income of $84 million, up from $115 million a year earlier. Revenue from the sale of natural gas and condensates in the quarter totaled $247 million, up from $216 million a year earlier.
The company is a major shareholder in Israel's large natural gas field, "Leviathan."
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