Cyprus Responds to Chevron’s Request to Extend Negotiations over Aphrodite Development
Cyprus has responded to a request from international energy companies led by Chevron to extend the negotiations about the modified development plan for its Aphrodite offshore gas field, Reuters reported in reference to a statement by George Papanastasiou, Cyprus’s Minister of Energy.
“We responded to a letter by the company seeking an extension which we received last week. Until we receive an answer from the company we see no value in making any statement,” Papanastasiou said.
According to the modified plan, a floating processing unit (FPU) would be removed and a number of production wells cut from an initial five to three.
The initial plan had been prepared by Noble, an independent operator that Chevron acquired in October 2020, when estimated reserves were in the region of 4.5 trillion cubic feet (tcf).
These estimates have been lowered to around 3.5 tcf based on an updated assessment following a new appraisal well this year.
