Cyprus has rejected the development plan from a consortium led by Chevron.
The consortium in question is for the Aphrodite gas field in Block 12 of the island nation’s EEZ. Discovered originally in 2011, this field is situated 30 km northwest from the Leviathan field and 160 km south from Limassol.
Giorgos Papanastasiou, the Energy Minister of Cyprus did not disclose the specific reason for the plan’s rejection, but did inform the news agency that project parties are now permitted to engage in discussions and come to agreement within a 30-day-period, with effect from 25th of August, 2023.
As of today’s date, Chevron and Shell each have 35% stake in the field, followed by NewMed Energy, which has 30% stake.
Estimatedly, the offshore field has over 124 billion m³ worth of gas.
The plan, which was originally submitted In May 2023, included an up to date development plan for Aphrodite, including constructing an underwater pipeline to transport gas, as well as using the system to connect the reservoir of Aphrodite to existing Egyptian onshore and offshore infrastructure.
