Aphrodite gas project moves to new phase of talks from January, 2025

According to Yiannis Ioannou's article published in Kathimerini Cyprus in Greek, Chevron and the Republic of Cyprus have agreed to enter a four-month negotiation period to finalize plans for the development of the ‘Aphrodite’ gas field in Block 12 of Cyprus’ Exclusive Economic Zone (EEZ). This follows a recent ultimatum issued by Nicosia to the American energy giant on August 23 and Chevron’s submission of an updated development plan. The two sides now have additional time to renegotiate key aspects of the proposal, based on the latest submission by Chevron.

The U.S. Ambassador to Cyprus expressed her support for the progress via a post on the social media platform X.

Chevron Vice President Frank Cassulo praised the productive discussions with the Cypriot government, saying, "We value the constructive engagement with the Government of Cyprus and look forward to advancing the development of the ‘Aphrodite’ field. The agreement reflects our belief that all parties involved must align on a shared goal and direction to successfully execute a complex energy project like ‘Aphrodite.’” During his visit to Cyprus, Cassulo held extensive talks with Energy Minister George Papanastasiou. The minister confirmed the agreement, stating that the government and Chevron will engage in discussions over the next four months to reach a consensus ensuring the timely development of the gas field. “Our focus remains on advancing projects that benefit the country while safeguarding the Republic of Cyprus’ rights,” Papanastasiou said on Wednesday.

Well-informed sources indicate that the ‘Aphrodite’ gas field will also be a key topic during President Nikos Christodoulides' meetings with Chevron executives and U.S. officials on the sidelines of the upcoming United Nations General Assembly in New York.

Despite the recent ultimatum from Nicosia, the two sides are now in a more constructive phase of negotiations. Over the next two months, discussions will focus on clarifying development costs, technical details, and meeting key milestones, including the Front-End Engineering Design (FEED) and the Final Investment Decision (FID) for the project. Experts see the coming four months as critical for determining whether natural gas production from Block 12 will begin as planned in 2025.