12° Nicosia,
14 June, 2024

Chevron granted extension for crucial Aphrodite field proposal submission

Critical Deadline Pushed to December 1 as Chevron and Cyprus Navigate Compromise for Key Energy Project


Chevron has successfully obtained an extension until Friday, December 1, to submit a crucial letter detailing its plans for the development of the "Aphrodite" field, as confirmed by Cyprus' Minister of Energy, Trade, and Industry, George Papanastasiou, in an announcement on Monday. The information aligns with a report from "Kathimerini."

According to the Kathimerini report, Chevron's response is anticipated by December 1, with the extension attributed to the Thanksgiving celebrations in the United States. Unless unforeseen circumstances arise, prevailing scenarios involve the exploration of a compromise formula for the Floating Production Unit (FPU) to avert a deadlock. Nicosia may also consider extending the deadline, reportedly until early February, to allow the U.S. giant to return with the preliminary development.

Papanastasiou clarified that the ongoing process involves more than just exchanging letters. He emphasized that the letters serve the purpose of establishing the legal framework and presenting a formal position.

Various processes have been initiated, and others are underway to find a mutually agreeable solution, the Energy Minister stated. Responding to inquiries, he expressed confidence in a positive outcome.

Regarding the discussions' content, Papanastasiou highlighted the significance of infrastructure for Cyprus and the critical importance of investment for Chevron. The company is actively seeking a mutually acceptable solution, considering both infrastructure and investment as key factors.

When asked about the infrastructure, specifically the floating unit, Papanastasiou referred to the 2019 plan, which outlines the utilization of a floating unit.

In conclusion, the Energy Minister emphasized the importance of patience and cautioned against pushing for information during the negotiation process, as premature disclosures could disrupt the ongoing talks. "The bottom line is to achieve our goal," he concluded.

Cyprus  |  USA  |  energy

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