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.