Chevron and its partners at Cyprus’ 3.7tcf Aphrodite gas field are moving closer to formalizing the necessary commercial and regulatory framework for gas exports to Egypt. Negotiations are advancing on two crucial fronts, the first of which is a host government agreement (HGA) and secondly a gas sales and purchase agreement (GSPA) with Egyptian state firm EGAS, said junior partner NewMed Energy.
NewMed said that the parties are negotiating a detailed memorandum of understanding (MoU) covering the sale of all Aphrodite gas volumes to Egypt, with EGAS positioned as the exclusive offtaker. The MoU is expected to form the basis for a binding GSPA that is a key requirement ahead of a final investment decision (FID), tentatively targeted for early next year. (CONTINUED - 852 WORDS)
