NICOSIA, Feb 14 (Reuters) - Cyprus and a Chevron ( CVX )-led

consortium have agreed on an updated development plan

over an offshore gas field off Cyprus, a joint statement by the

two sides said on Friday.

There had been protracted talks on the future development of

the Aphrodite gas field south-east of Cyprus since Chevron ( CVX )

attempted to introduce changes to a 2019 field development plan.

That plan had been agreed between Cyprus and Noble, the former

licence-holder and an independent energy operator Chevron ( CVX )

acquired in 2020.

The approved Development and Production Plan (DPP) announced

on Friday includes a floating production unit, also known as a

gas processing facility, and a pipeline for exporting gas to

Egypt.

"We look forward to the expeditious development of the field

via Egypt's facilities, a tangible step towards establishing the

role that Cyprus envisions in the energy sector of the region,

for the benefit of the country and its people," the joint

statement quoted Cypriot Energy Minister George Papanastasiou as

saying.

Frank Cassulo, Vice President at Chevron International

Exploration and Production said it was a "major development".

"Chevron ( CVX ) values its partnership with the Republic of Cyprus

and we believe it is important that Aphrodite is developed for

the benefit of the Republic of Cyprus, and the Eastern

Mediterranean region.

"This is also aligned with our strategy to deliver

affordable, reliable, and ever-cleaner energy."

The approval of the modifications to the DPP and the

Production Sharing Contract milestones aim to advance technical

and engineering work in relation to Front End Engineering and

Design and towards a Final Investment Decision for Aphrodite,

the two parties said.

Aphrodite was discovered in 2011 and is Cyprus's first

offshore discovery, holding an estimated 3.5 trillion cubic feet

(tcf) of gas. Cyprus has since discovered gas deposits in

another four areas, all untapped to date.

Chevron ( CVX ) is a partner in the field with Israel's NewMed

Energy and BG Cyprus Ltd., part of Shell.

(Writing by Michele Kambas)