The Republic of Cyprus is evaluating the updated development and production plan for the ‘Aphrodite’ gas field, which is moving in the right direction, according to President Nikos Christodoulides, who responded to journalists’ queries in Limassol.
He stated that a specific proposal has been made and is being assessed by the relevant department.
“It is moving in the right direction, in line with the Republic of Cyprus’s positions. For us, Chevron’s presence, as an American colossus, in the exclusive economic zone is a vote of confidence. We will thoroughly evaluate the new proposal and take a position,” he said.
He also mentioned that, during his visit to New York for the UN General Assembly, he will meet with Chevron officials to discuss this specific issue.
Response to the updated plan in two weeks
The Republic of Cyprus is expected to respond to the updated development and production plan for the ‘Aphrodite’ block within approximately two weeks.
As CNA is informed, the updated plan differs from the previous one and aligns with the initial development plan submitted and agreed upon in 2019 by the previous operator, Noble Energy.
The handling of the updated plan is under consideration due to a violation of milestones, such as the Front End Engineering and Design (FEED) process.
The Israeli company NewMed Energy, a partner in the consortium, announced on the Tel Aviv Stock Exchange that the updated plan, valued at $4 billion, has been submitted, reintroducing a floating production unit, increasing production wells to four (from three in the previous plan), and setting a nominal maximum production capacity of 800 million cubic feet per day (compared to 650 million).
It is noted that the new update was submitted following a breach of contract notice sent by the Ministry of Energy to the consortium, warning of a possible contract termination if the contract’s milestones were not met.
The consortium includes Chevron with 35% (operator), BG Cyprus (Shell) with 35%, and NewMed Energy with 30%.
