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Cyprus seeks improvements to Chevron-led plans for offshore gas field
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Cyprus seeks improvements to Chevron-led plans for offshore gas field
May 2, 2024 7:30 AM

NICOSIA, May 2 (Reuters) - Cyprus said on Thursday it

wanted to see improvements to Chevron ( CVX )-led plans to

extract gas from an offshore field, giving the consortium led by

the U.S. major six months to meet its requirements.

There have been protracted talks on the future development

of the Aphrodite 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 licence-holder

Noble, an independent energy operator Chevron ( CVX ) acquired in 2020.

A new field development proposal was submitted by Chevron ( CVX ) on

March 29. "Following a careful assessment, and with advisers of

the Republic of Cyprus, it is our consideration the plan

requires improvements," the Energy Ministry said in a statement

without further detail.

In a letter to Chevron ( CVX ), Energy Minister George Papanastasiou

has suggested "specific targeted actions" within the next six

months, it said.

Aphrodite was discovered in 2011 and is Cyprus's first

offshore discovery, holding an estimated 3.5 trillion cubic feet

(tcf) of gas. It has since then discovered gas deposits in

another four areas, all untapped to date.

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

and Shell.

Chevron ( CVX ) said it valued its relationship with the government

of Cyprus and other stakeholders and would continue working to

progress the project.

"We believe it is important that Aphrodite is expeditiously

developed for the benefit of the Republic of Cyprus, the Eastern

Mediterranean region, and European and other international

markets.

"Beyond this, it is not Chevron's ( CVX ) policy to comment on

commercial matters," it said.

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