This represents an advanced step towards actual production. The drilling of the well, intended to test whether production is possible, and if so how much, is expected to continue for two months. Six weeks ago, the Aphrodite partners, Chevron (35%), Shell (35%), and NewMed (30%), announced the start of drilling of the A3 appraisal well in Cypriot waters. The UK’s first grid-scale battery storage system directly connected to the electricity transmission network has been activated today (23 June) in Oxford. From time to time the Cypriots have taken measured unilateral steps to try to move an agreement forward. The status of the reservoir has been a cloud over Israel-Cyprus relations. It abuts Israel’s economic waters, and 10% of the reservoir is within those waters, and known as the Ishai field. The reservoir is in Block 12, at the south-west extreme of Cyprus’s economic waters. The gas reserves in the Aphrodite field, discovered in 2011, amount to 129 BCM ( billion cubic meters). Israel and Cyprus are also interested in building a floating liquefied natural gas (FLNG) installation that will make gas exports more efficient, from Israel immediately, and from Cyprus in the future when it starts producing natural gas. A final investment decision on the 1500 megawatt (MW) interconnector, with a capacity equal to the power supply for 1.5 million homes, will be made in late 2024. By contrast with the past, the commercial parties are showing signs of agreement between them being a possibility. Such an agreement will allow the signature of an agreement between the countries by the end of the year. To that end, the commercial parties involved - Chevron, Shell, and NewMed Energy on the Cypriot side, representing 90% of the reservoir, and Israel Opportunity, Nammax Oil and Gas, Eden Energy Discoveries, and Petroleum Services Holdings (PSH) on the Israeli side - will hold talks between them with the aim of reaching agreement by the end of September. Increased trade opportunities create a more reliable electricity. They seek to reach an agreement that will end the twelve-year dispute over the reservoir. The link is built as a 700 MW DC cable in co-operation with the German system operator 50Hertz. The two countries are also planning a gas pipeline between them.Īnother important matter that the ministers discussed was the status of the Aphrodite gas reservoir. Israel and Cyprus seek to bring Greece into the plan at a later stage.
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