Chevron Revisions Deadline Set for Aphrodite Gas Field

Chevron Corporation and its partners in the Aphrodite gas field off Cyprus are preparing to submit an updated development plan after receiving a 'notice of breach' from the Cypriot government. The notice, issued on August 25, gives the consortium three months to initiate the Front-End Engineering Design (FEED) process, which is crucial for assessing project costs and engineering details. If the consortium fails to comply, Cyprus could terminate the production sharing contract. The Aphrodite field, discovered in 2011, is significant as it contains an estimated 3.5 trillion cubic feet (tcf) of gas and is Cyprus’s first offshore discovery. The consortium includes NewMed Energy and BG Cyprus, a subsidiary of Shell, and has faced challenges since attempting to modify a previously agreed development plan from 2019. The Cypriot government emphasized the importance of adhering to the original contractual framework to ensure the implementation of its energy program.