Chevron deems beneficial amendments in Aphrodite gas field plan

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

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

According to the company, the new plan is similar to the one submitted in 2019. But at the same time, it recognizes the decrease in available natural gas resources and has therefore been further adjusted for the benefit of the Republic of Cyprus and partners in Aphrodite.

Chevron says that the plan includes a Floating Production Unit (FPU) (also known as a Gas Processing Unit) in Cyprus’ EEZ and a pipeline to export gas, according to the 2019 plan. It further says that the plan responds to the Mi
nistry’s concerns, following the rejection of the previous plan, specifically its request for a Floating Production Unit in Cypriot waters while also aligning with the most recent findings from the company’s evaluation.

Chevron also expresses its readiness to work with its partners to ensure that the necessary arrangements are made to proceed with the feasibility study and then the Final Investment Decision.

It also expresses the belief that it is important to rapidly develop Aphrodite gas field project for the benefit of the Republic of Cyprus, the Eastern Mediterranean region, as well as the European and other international markets and says that this is also in line with the company’s strategy to provide affordable, reliable and more clean energy.

It points out that in order to achieve a positive outcome for all involved, the company needs the continued support of the Cyprus government as it works towards aligning the new amended plan and cooperation so that it can achieve all relevant arrangements and m
eet the next timelines.

The company further says that they believe they are the ideal partner for this project, given their operational capabilities, existing presence in the Eastern Mediterranean and experience with cross-border projects.

Source: Cyprus News Agency