A Chevron-led consortium, with licensing rights for the Aphrodite gas field off Cyprus, is set to present an updated development plan following a three-month deadline given by the Cypriot government. The consortium, including partners NewMed Energy and BG Cyprus, plans to submit the plan within days, after talks on changes initiated by Chevron to a previous development plan agreed upon in 2019.
Cyprus’s Energy Ministry issued a “notice of breach” on August 25, urging the partners to commence the front-end engineering design process within three months. Failure to comply could result in contract termination. The Aphrodite field, discovered in 2011 and holding an estimated 3.5 trillion cubic feet of gas, is Cyprus’s first offshore discovery.
Chevron’s acquisition of Noble, the original license-holder, has sparked discussions on the future development of the field. The government’s focus is on implementing Cyprus’s energy program as per the contract terms. With Cyprus’s growing gas reserves, the development of the Aphrodite field is crucial for the country’s energy strategy.
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