Chevron says amendments to Aphrodite gas field plan are beneficial for Cyprus

Chevron Cyprus Limited says that the amendments in the new development and production plan for the Aphrodite gas field in Cyprus’ exclusive economic zone (EEZ) are beneficial for the Cyprus Republic and has requested the government’s continued support.

In an announcement, the company confirmed that on 30 August it resubmitted for evaluation, to the Ministry of Energy, an amended plan which includes improvements to the approved 2019 plan, which, it says, will be beneficial for both Chevron Cyprus Limited and the Republic of Cyprus.

More specifically, the statement said, "Chevron Cyprus Limited (CCL) is pleased to be a partner with the Republic of Cyprus in Offshore Exploration Block 12.

We confirm that on August 30, 2024, we resubmitted to the Cypriot Ministry of Energy, Commerce, and Industry (MECI) for their review, a modified Development and Production Plan for the Aphrodite project.

The modified plan includes optimizations to the approved 2019 plan that will make sense for both Chevron Cyprus Limited and the Republic of Cyprus. From a concept perspective, the new plan is more or less akin to the 2019 DPP but it recognizes the reduced resource base and has been further optimized for the benefit of the Republic of Cyprus and the Aphrodite partners.

This plan includes a Floating Production Unit (FPU) (also known as a gas processing facility) in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for exporting gas, as per the 2019 Development Production Plan. This addresses the MECI’s concerns after they had rejected the previous plan, specifically their request for an FPU in Cypriot waters, but also the latest findings from our evaluation.

We worked to take their request into consideration, and we believe we have a plan that now works for all partners.

Looking ahead we look forward to working together with our partners, to ensure the necessary arrangements are made to progress to FEED and then FID.

We believe it is important that Aphrodite is expeditiously developed for the benefit of the Republic of Cyprus, the Eastern Mediterranean region, and European and other international markets. This is also aligned with our strategy to deliver affordable, reliable, and ever-cleaner energy.

To achieve a positive outcome for all involved, we need continued support from the Cypriot government as we work towards alignment of the new modified plan and collaboration so that we can achieve all associated arrangements and align on forward timelines.

Based on our experience it takes all stakeholders to align around a common goal and path forward for complex energy project such as Aphrodite to succeed. We believe we are the ideal partner for this project, given our operational capabilities, existing presence in the East Med and experience with cross border projects."