UPDATE 1-Aphrodite gas field off Cyprus to be linked to Egypt - NewMed

(Adds details of Aphrodite well, Chevron comment)

JERUSALEM, May 31 (Reuters) - The offshore Aphrodite natural gas field being developed in Cypriot waters will be connected to an existing processing and production facility in Egypt via a subsea pipeline, one of the partners in the project said on Wednesday.

NewMed Energy said it had submitted with partners Chevron and Shell a development plan for Cypriot government approval. The group met the Cypriot energy minister on Monday to discuss progress.

"The updated plan is expected to accelerate and reduce the cost of development," NewMed said.

Aphrodite, discovered more than a decade ago about 170 km (105 miles) from Limassol, holds an estimated 124 billion cubic metres of gas. NewMed has a 30% stake in the field, while Chevron and Shell each hold a 35% share.

The group said earlier this month that it had begun drilling an exploration well meant to confirm the estimates. It would later be used for production.

Chevron said in a statement it was "currently working to progress the Aphrodite project."

"Beyond this, it is not our policy to comment on commercial matters," it said. (Reporting by Ari Rabinovitch and Ron Bousso Editing by Helen Popper )