Cyprus's offshore Block 12, within which the Aphrodite field is located, is believed to hold 100-170 billion cubic meters of gas. In May 2018, Egyptian Petroleum Minister Tarek El Molla and Cyprus Energy Minister Yiorgos Lakkotrypis agreed on plans to develop a $1-billion pipeline from the gas field to Egypt's Damietta Segas LNG Terminal. The Aphrodite field is owned by UK-based Shell (35%), U.S.-based Noble Energy (35%), and Israel-based Delek Group (30%); it is unclear whether these companies would be building the pipeline, or other companies.[2][1][3][4]
In May 2019, a Cyprus firm and Egypt signed an estimated 2 billion euro deal to lay a 310-kilometre subsea electricity cable that will be the first interconnector between Africa and Europe. It is estimated the project implementation will take 36 months from the start of construction with the lowest point 3,000 metres below sea-level. Phase 1 will see the interconnector carry a capacity of 1,000MW which can be upgraded to 2,000MW at a later stage. Cyprus has become a major hub for the transmission of electricity from Africa to Europe. Egypt establishes itself as a regional energy hub for the transmission of electricity from Africa to the Arabian peninsula.[5]
In June 2019 the government of Cyprus signed a preliminary agreement with energy companies Noble Energy, Shell and Delek Drilling for the allocation of revenues from the utilization of the Aphrodite field.[6]
In July 2019, Cyprus's former Energy Minister Georgios Lakkotrypis suggested that one funding source for the pipeline could be the European Investment Bank (EIB).[6] These comments were made a few months before the EIB's publication of a new Energy Policy which ruled out future financial support from the bank for fossil fuel projects after 2021. Four unnamed investment firms were also reported to be interested in financing the construction of the pipeline, but as of the end of 2020 there has been no confirmation of financial backers coming forward to support the project.[7]
Chevron launched a $5 billion takeover bid for Noble Energy in July 2020, which, according to S&P Global, "could be the boost" that the Aphrodite development plan including the subsea pipeline to Egypt "needs to finally get off the ground."[8]
In May 2022, the Egyptian Oil Minister Tarek El Molla announced at the World Economic Forum that the pipeline was expected to be commissioned by 2025 and that construction would start by the end of 2022.[9] As of early 2023, there was no evidence that construction of the pipeline had begun, and it is still considered proposed.