Chevron Corp, the operator of the “Aphrodite” gas field in Cyprus’ block 12 has requested an extension for the commencement of the Front-End Engineering Design in a bid to “formulate together with the Cypriot government an optimal development plan” for the gas reserve, estimated to hold 4.2 trillion cubic feet.
In a press release issued at the Tel Aviv Stock Exchange, on December 3, NewMed Energy, partner in the “Aphrodite” gas field, said that “on 1 December 2023, Chevron Cyprus Limited, the operator in the field, responded to the letter of the Minister of Energy of the Cypriot government, and inter alia requested to postpone the date for compliance with the milestone determined in the Production Sharing Contract (PSC) for commencement of the Front-End Engineering Design (FEED), in order to formulate, together with the Cypriot government, during the said extension, an optimal development plan.”
NewMEd did not clarify as for the extension period requested by Chevron concerning the commencement of the FEED.
According to CNA sources, the Cypriot Energy Ministry will hold consultations on the matter and will respond to Chevron.
On December 1, the Ministry announced that Chevron in a letter to the Energy Minister, George Papanastasiou, Chevron confirmed “the parties’ alignment regarding the wider framework of the field’s exploitation.”
“As such, with the common understanding that has now been reached, the parties are intensifying discussions in the coming weeks, on the basis of the agreed Development and Production Plan, for the mutually beneficial exploitation of the natural gas reserves at ‘Aphrodite’,” the Ministry added.