Follow Cyprus investment immigration and Cyprus economy news: On November 18, the project partner, an Israeli company, stated in Tel Aviv that the estimated reserves of the Aphrodite gas field located offshore Cyprus were increased by 12% a few days ago, and it is highly likely that most of the natural gas production will be exported to the international market. This significantly improves Cyprus's international prospects, making it a popular destination for investment immigration.
Two Israeli companies stated in a filing to the Tel Aviv Stock Exchange on the 18th that the new reserve estimate for this gas field is 4.54 trillion cubic feet, while the reserve estimate for condensate, a liquid byproduct of natural gas, has been increased from the previous estimate of 8.1 million barrels to 9 million barrels.
Two subsidiaries of the Israeli Delek Group, Delek Drilling and Avner Oil Exploration, each own a 15% stake in the Aphrodite gas field, while Texas-based Noble Energy controls the remaining 70% stake. They are currently considering integrating the development of the Aphrodite gas field into their plans for developing the larger Leviathan gas field. The Leviathan gas field is adjacent to the Aphrodite gas field but is located in Israeli waters.
The Israeli companies stated that given the small size of the domestic market in Cyprus, the primary potential market for the natural gas produced by the Aphrodite gas field is the international market. This new discovery will significantly boost Cyprus's economy and energy reserves, and the international community is optimistic about Cyprus's development prospects. Therefore, this is a major positive development for applicants looking to invest and immigrate to Cyprus.