Negotiations between Cyprus and Chevron regarding the long-standing differences over Block ''12'' on Cyprus' Aphrodite are reaching a climax. On November 20, the deadline for the last two-week extension granted to Chevron expired.
The American giant sent a letter to the Ministry of Commerce, indicating a potential new mini-deadline within the current week to bridge differences.
The key issue revolves around the floating production unit, rejected by Chevron in relation to the 2019 plan, along with other techno-economic aspects. Nicosia had given Chevron until November 7, 2023, to start the techno-economic study for the field's development.
The US giant seeks an extension for the front-end engineering and design (FEED), but Nicosia emphasizes clarifying technical aspects and adherence to the 2019 agreement.
Another short deadline until Friday, November 24, is set for Chevron to agree, with potential for a new FEED deadline if compliance with the 2019 agreement is met.
The situation intensifies, with Friday seen as a crucial milestone. A legal dispute between the Republic of Cyprus and Chevron is possible if the deadlock persists, potentially delaying Aphrodite's development.
Optimism exists for Chevron's acceptance of the 2019 agreement and a new FEED extension, as Energy Minister Papanastasiou signals hope for a win-win outcome in ongoing consultations.
[This article was translated from its Greek original]