Cyprus has rejected the new proposal by consortium Chevron, NewMed Energy, and BG Cyprus (Shell) to develop the ‘Aphrodite’ natural gas field in block 12 of the exclusive economic zone (EEZ). The government deemed the proposal inadequate and requested the consortium to state its consent within six months on specific actions aiming to develop the gas field.
The point of contention regarding the development of the Aphrodite gas field off the coast of Cyprus has been overcome, according to Energy Minister George Papanastasiou. The plan for extraction of gas from the Aphrodite field will continue based on the agreed development and production plan from 2019. The government wants to respond as soon as possible to start planning the joint venture with Chevron. Discussions on the matter have been exhausted, and Chevron understands that gas extraction will be based on the 2019 plan. There is an ongoing dispute with Israel over “plot 12” connected to the Aphrodite field, but the Energy Minister believes the differences should be closed in the next three months. The CEO of Italian company Eni has requested a visit to Cyprus this month to discuss the development and production plan for the Kronos I and Kronos II fields.