Egypt has agreed to buy all the output of the Aphrodite gas reservoir in Cyprus’ exclusive economic zone once the field starts production, international media reported on Thursday.

According to Bloomberg, Newmed Energy LP – which owns a stake in the project – posted the statement on the Tel Aviv stock exchange. The Israeli company said that the Aphrodite partners – which include Chevron and Shell Plc – also agreed a framework to develop a gas transmission system off the coast of the African country.

While production from the Aphrodite field is only expected to start in 2031, Newmed said, Egypt will benefit from any additional supply after it turned into a net gas importer following a surge in demand and declining output from its local fields.

The country’s purchases of liquefied natural gas have increased while it continues to be dependent on pipeline shipments from Israel.

According to the report, Cairo and the Aphrodite partners will incorporate a company called Aphrodite Midstream Co. in Egypt to implement the gas transmission system off the country’s coast.

Newmed owns a 30 per cent stake in the Aphrodite license, while Chevron and Shell Plc hold 35 per cent each.

The Aphrodite reservoir was discovered in 2011. It holds an estimated 3.5 trillion cubic feet of recoverable gas.

In late March this year, the governments of Egypt and Cyprus signed a framework agreement for the development of Aphrodite.