Today the final decisions of the Government for Chevron
The final decisions regarding the development of the "Aphrodite" field are expected to be made today, Monday, November 20, with the Government giving Chevron its final decision regarding a possible extension to comply with the milestone for the start of the techno-economic study (FEED ).
It is recalled that based on the Proportional Distribution Agreement, which was agreed in 2019, the milestone for starting the techno-economic study (Front-End Engineering and Design) for the development of the field was November 7, 2023. However, the company had submitted an amended development plan last May , which the Republic of Cyprus rejected last August. Two extensions of the consultation process were then granted with a final timetable of November 5, while the consortium requested a four-month extension to the entire process.
In a letter from the Ministry of Energy to the consortium that manages "Aphrodite", dated November 5, an extension was granted to the partners of the consortium to comply with the development plan, "so that the date of the final binding decision of the Cypriot government in relation to the request of the partners, will be extended until November 20 and the date for compliance with the milestone (Feed) will be postponed for a period of two months (until January 7, 2024) given that the partners confirm their consent to the aforementioned (development plan) and sign an agreement for the modified Proportional Distribution Agreement", as stated in a related announcement dated November 7 by the company NewMed Energy, which participates in the consortium.