A term sheet was initialed on 9 April for the sale of all recoverable gas from Cyprus’ 3.7tcf Aphrodite field by the field partners (Chevron 35% op, Shell 35%, NewMed Energy 30%) and the state’s Cyprus Hydrocarbons Company (CHC) to Egypt’s state firm EGAS. In parallel, a Host Government Agreement was agreed to regulate “construction, financing and operation” of pipeline infrastructure required to transport gas from Cyprus to Egypt, NewMed announced on 9 April.
Both deals were finalized in Cairo during the showcase EGYPES conference on 30 March (MEES, 3 April). (CONTINUED - 311 WORDS)