Economy category powered by

Spokesman: Cyprus - Chevron updating "Aphrodite" plan

The Cyprus Government and Chevron Corporation are in the process of updating the existing development and production plan for "Aphrodite" gas field in Cyprus’ Exclusive Economic Zone (EEZ), said Government Spokesperson Konstantinos Letymbiotis.

He told reporters that the government and Chevron have reached an agreement on the next steps and that both parties, through the convergences outlined in the agreement, are proceeding with the update of the existing development and production plan.

Replying to a question regarding Chevron's written statement on the matter, he said that each company determines the timing at which it makes the announcements it desires.

"The Republic of Cyprus reiterates once again that Chevron's presence in the Cypriot EEZ is a vote of confidence," he noted.

He also said that there would be more announcements in the course of events and pointed out that what’s urgent at this moment is to proceed with the update of the existing development and production plan.

Chevron is the operator of the Aphrodite gas deposit, estimated to contain around 4.4 trillion cubic feet of natural gas, with its consortium partners Shell and NewMed Energy.

The consortium had submitted an updated development plan for "Aphrodite" to the Government for approval, proposing the connection of the reservoir to the gas liquefaction facilities in Egypt through a subsea pipeline. In the new plan, however, there was a removal of a provision for the development of a Floating Production Unit (FPU) above the reservoir, a point that Nicosia did not accept and subsequently rejected the updated plan.

(Source: CNA)

Read More

Invest Cyprus participates in 'Cyprus as a Destination of Opportunities for Indian Businesses' webinar
House approves €8.4m supplementary budget for Larnaca port
Minister receives electricity interconnection study, agencies to give their positions in two months
Government employment up 4.8% in H1
ACTE: Revenue from tourism reduced taking inflation into account
The buildings taking Limassol onwards and upwards
Official data show increase of economic activity in all sectors in 2022
Real estate investment opportunities by AstroBank in Paphos, Famagusta and Nicosia
Seasonality leading to €25m loss this year, PASYXE President estimates
Moody's upgrades Bank of Cyprus' long-term deposit ratings to Baa1