Chevron to survey east Mediterranean seabed for pipeline linking gas field to Egypt, Cyprus says

NICOSIA, Cyprus — Energy company Chevron will begin a survey of the east Mediterranean seabed early this summer to prepare for a pipeline connecting a sizable natural gas deposit in Cyprus waters with processing facilities in Egypt, Cypriot officials said Monday.

Chevron CEO Mike Wirth told Cypriot President Nikos Christodoulides in a meeting at Chevron headquarters in Houston the survey will proceed according to a set timetable. No further details were disclosed in a statement issued by Cypriot government spokesman Konstantinos Letymbiotis.

The pipeline will link Cyprus' Aphrodite field -- estimated to contain up to 4.5 trillion cubic feet of natural gas -– with an undisclosed facility on Egypt's coastline.

Christodoulides was in Houston as part of a weeklong trip to the U.S. to solicit investment in the east Mediterranean island nation.

Chevron and partners Shell and Israeli NewMed Energy are in charge of developing Aphrodite, which was discovered in 2011 some 160 km (100 miles) off Cyprus' southern coastline, within the island's exclusive economic zone.

In February, Chevron, NewMed and Shell signed an agreement with Egypt outlining the framework under which Aphrodite will be developed.

The agreement came after the Cypriot government and the Chevron-led consortium approved a revised production plan that includes a floating platform to process extracted gas as well as the pipeline to Egypt.

Christodoulides told Wirth that Aphrodite's development is a priority for the Cypriot government ''as it highlights the importance of our country as a new source of supply for the needs of neighboring countries but also the European Union,'' the statement said.

Chevron officials said Aphrodite is an ''important part of the energy company's portfolio of activities in the eastern Mediterranean, a region that is part of Chevron's future plans and priorities,'' it said.

Chevron is the only energy company that operates in Cyprus, Israel, Egypt and Greece.

ExxonMobil and partner Qatar Petroleum hold exploration licenses for two blocks where they have discovered at least one sizable gas field and are currently drilling a second.

A consortium made up of Italy's Eni and French Total holds exploration licenses for four blocks and have discovered the Cronos deposit, estimated to hold more than 3 trillion cubic feet of gas.

In November, Cyprus Energy Minister George Papanastasiou said that ExxonMobil, Eni and Total could partner up to jointly develop gas deposits in close proximity to each other.