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Chevron: Requests Extension for techno-economic study of “Aphrodite”

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Chevron: Ζητα Παρατασ η για την τεχνοοικονομικor μελ&tau ;η του «Αφροδτη»

The extension of the start date of the techno-economic study for the development of the “Aphrodite” field, known as FEED (Front-end engineering and design), was requested from the Ministry of Energy by the managing company of the field, Chevron.

The an extension is requested in order to give time to formulate together with the Cypriot government an “optimal development plan” for the field.

In particular, in its announcement to the Tel Aviv Stock Exchange dated December 3, NewMed Energy, one of the partners of the “Aphrodite” consortium, states that on December 1, Chevron sent a reply letter to the Minister of Trade of the Cypriot government, “and among other things requested the postponement of the date for compliance with the milestone in the Proportional Sharing Agreement regarding the start of FEED, in order, during this extension, to formulate together with the Cypriot government an optimal development plan”.

However, the duration of the extension is not specified.

As the KYPE is informed, the Ministry of Commerce is in the process of consultation in order to position itself on the request of the American company.

It should be recalled that on December 1 , the Department of Energy announced that in a letter Chevron confirmed “the alignment of the parties with respect to the broader framework for exploitation of the field.”

“Therefore, with the understanding now reached, the parties we are intensifying our discussions in the coming weeks, on the basis of the agreed Development and Production Plan, for mutually beneficial exploitation of natural gas reserves in 'Aphrodite'”, the Ministry had stated.

Source: 24h.com.cy

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