Can Aphrodite field consortium seal the deal?

In a recent update on the Aphrodite field development, the Ministry of Energy has granted a seven-day extension until November 27 for the consortium to finalize an agreement with the government on the field's development plan.

Chevron, the current operator of the Aphrodite field, received a letter from the Cypriot Ministry of Energy on November 20, outlining the extended deadline.

NewMed Energy, holding a 30% stake in the joint venture alongside Chevron (35%) and BG Cyprus Limited (Shell) (35%), confirmed this development in a briefing to the Tel Aviv Stock Exchange.

NewMed Energy expressed its commitment to ongoing efforts to secure agreements with the Cypriot government representatives regarding the development plan.

It's worth noting that the Cypriot government had previously rejected amendments proposed to the development and production plan, initially submitted in November 2019 by the then-operator, Noble Energy, which was later acquired by Chevron in October 2020. Stay tuned for updates as negotiations progress.

[With information sourced from CNA]