Chevron-led consortium holding licensing rights over a gas field off Cyprus is set to present an updated development plan following a three-month deadline from the Cyprus government. Protracted talks have been ongoing regarding the future development of the Aphrodite field since Chevron acquired license-holder Noble in 2020.
NewMed Energy, a partner in the consortium, announced plans to submit the updated plan in the coming days after receiving a “notice of breach” from Cyprus’ energy minister, requiring the partners to commence the Front-End Engineering Design (FEED) process. Failure to comply may result in contract termination.
The Aphrodite field, discovered in 2011, holds an estimated 3.5 trillion cubic feet of gas and is Cyprus’ first offshore discovery. The country has since identified gas deposits in four additional areas that remain untapped.
Stay tuned for the latest updates on the development plan for the Aphrodite gas field as the consortium navigates compliance with Cyprus’ regulations.
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