The way to exploit the deposit opens
The Government and Chevron reached an agreement on how to develop the Aphrodite field according to an Associated Press report.
The deal is “mutually beneficial” for both Cyprus and the company, the Cypriot official told The Associated Press, but did not elaborate. Chevron wanted to send the natural gas to Egypt via a pipeline, but Cyprus preferred to process it in a floating production facility because it would be more economically beneficial for the Cypriot government and offer greater flexibility in supplying other markets, the report said.< /p>
The deal ends back-to-back negotiations that resulted in the field not being developed and opens the way for hydrocarbon extraction twelve years after the field was discovered.
The announcement of the Minister of Energy
The Ministry of Energy, Trade and Industry received today a letter from Chevron, managing company of the “Aphrodite” natural gas field, with reference to the points of the Ministry's letter, dated November 20, 2023. In its letter, the Chevron confirms the parties' alignment on the broader framework for exploitation of the field.
Therefore, with the consensus now reached, the parties are intensifying our discussions in the coming weeks, based on the agreed Plan Development and Production, for mutually beneficial exploitation of natural gas reserves in “Aphrodite”.
