Cyprus and Chevron Strike Deal for Aphrodite Gas Field Development

The Cyprus government and Chevron, the U.S. energy company, have successfully concluded negotiations on the development of the Aphrodite gas field, marking a significant breakthrough, according to a report by the Associated Press. The Aphrodite gas field, the first to be discovered beneath the seafloor off Cyprus, is estimated to hold 4.2 trillion cubic feet of gas.

The details of the agreement remain undisclosed, but officials from Cyprus describe it as "mutually beneficial" for both parties. While the precise date of the deal's finalization remains unclear, the agreement puts an end to prolonged negotiations that have impeded the field's development for years.

Chevron's initial proposal involved transporting the gas to Egypt through a pipeline. However, Cyprus advocated for a different approach, preferring to process the gas in a floating production facility. This alternative was deemed more economically advantageous for the Cypriot government and offered greater flexibility in supplying other markets.

The resolution of these negotiations opens the door for the extraction of hydrocarbons from the Aphrodite gas field, a milestone achieved more than a decade after the field's discovery.

[Source: AP News]