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New timeline for "Aphrodite" - Government extends deadline to 27 November

The new timetable for the next steps regarding the development of the "Aphrodite" field has been set for 27 November as the Ministry of Energy has granted a new extension of seven days to the consortium, which will continue efforts to find an agreement with the Government regarding the field development plan.

In the 21 November update to the Tel Aviv Stock Exchange, NewMed Energy reported that on 20 November, Chevron, the operator of the field, received a letter from the Cyprus Ministry of Energy, according to which the partners were given a seven-day extension, until 27 November, in order to give their consent to the field development plan.

"The administrator intends to continue efforts to find agreements with the representatives of the Cypriot government in relation to the development plan of the field", adds NewMed Energy, which participates in the consortium with a 30% share, while Chevron has 35% and BG Cyprus Limited (Shell).

The Israeli company recalled that the Cypriot government rejected the amendments made to the development and production plan of the field, which was submitted in November 2019, by the then-managing company, Noble Energy, which was acquired by Chevron in October 2020.

(Source: InBusinessNews, CNA)

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