Arab Finance: Today, a memorandum of understanding has been signed between the governments of Egypt, Cyprus and Chevron, which represents an important achievement to implement the main commercial agreements of the Afrudit gas project (the Afrudit field off the coast of Cyprus) and support the success of this important field, according to the statement sent on February 17.
On the occasion of the signing of the Memorandum of Understanding, Frank Cassolo, Vice President of Chevron for Exploration and International Production, said: “Chevron welcomes the signing of the Memorandum of Understanding today, which represents a strong basis for moving forward in completing the commercial arrangements included in the memo. Aphrodite of natural gas, which represents an important resource for the Cyprus, and a basic part of the Chevron Projects portfolio in the eastern Mediterranean region, as well as its vital role in strengthening natural gas supplies for Egypt, and enabling it to meet the increasing demand for energy in the country. “
The approved development and production plan (DPP) includes a floating production unit (also known as a gas processing facility) within the Cypriot Economic Zone (EEZ), as well as a pipeline to export gas to Egypt.
It should be noted that Chevron has a large gas resource base in the eastern Mediterranean region (with total resources of 45 trillion cubic feet of gas), with prominent expansion opportunities to meet the growing demand for natural gas during the coming decades.
Over time, the Afrudet project is expected to become a major part of the regional network of the regional assets of highly credit assets, as the development of our global projects contributes to advancing economic growth and improving energy security at the regional and global levels.
Chevron is one of the leading and integrated global companies in the field of energy. Chevron believes that reliable and sustainable energy with economic cost is an essential component of enabling human progress. Chevron is produced by raw oil and natural gas; It manufactures the fuel of transportation, oils, petrochemicals, and additives; It also develops technologies that enhance the company's business and the power sector.
We always strive to develop our business in the field of oil and natural gas, reduce the density of carbon emissions in our operations, and expand our business in low -carbon areas such as renewable fuel, carbon detention and compensation, hydrogen, and other emerging technologies.
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