Nicosia rejects Chevron’s improved optimization plan for the Aphrodite offshore gasfield, insisting that the 2019 development plan is binding. Chevron’s proposed revisions aim to reduce costs and output, but Nicosia is not satisfied with the lower revenue implications. The partners are considering their options in response to Nicosia’s rejection.
President Nikos Christodoulides met with Eni CEO Claudio Descalzi in Nicosia to discuss gas findings. The meeting reviewed the discoveries made in 2022 by Eni and TotalEnergies, leading to the drilling of the Cronos 2 appraisal well in late 2023. A production test in early 2024 showed excellent performances and increased volumes. The meeting also discussed a fast-track approach to drilling the appraisal well and outlined preferred solutions to meet energy priorities in the short and longer term. Eni has been present in Cyprus since 2013, operating in various blocks.