Chevron, Cyprus Reach Agreement for Aphrodite Development
Chevron and the Cypriot government sealed a deal for methods to develop the Aphrodite gas field, which is estimated to have 4.2 trillion cubic feet of gas, according to the Associated Press.
According to the agreement, both Cyprus and Chevron will have mutual benefit, a Cypriot official revealed, not disclosing further details.
Cypriot energy ministry said in a statement on December 1st that a letter from Chevron affirmed that both sides are on the same page regarding the wider framework of the field’s exploitation. The Cypriot ministry added that both parties would intensify talks in the upcoming weeks on the agreed development plan for the site’s exploitation.
Chevron was aiming to send the produces gas to Egypt through a pipeline, however, Cyprus planned to process the gas on a floating production facility to be more economically beneficial for the Cypriot side. This would boost flexibility to supplying other markets.
The agreement stops negotiations that was holding development of the Aphrodite field for years and it paves the way for hydrocarbon extraction.
