The final decisions regarding the development of the ”Aphrodite’ gas field are expected to be made today, as the government presents its ultimate verdict to Chevron regarding a potential extension for compliance with the Front-End Engineering and Design (FEED) commencement milestone.
Recalling the terms of the Proportional Sharing Agreement, agreed upon in 2019, the milestone for the initiation of the Front-End Engineering and Design (FEED) development of the field was set for November 7, 2023.
However, a modified development plan was submitted by the company last May, which was rejected by the Republic of Cyprus last August.
Following this, two extensions to the consultation process were granted, with the final deadline set for November 5
The consortium subsequently requested a four-month extension to the entire process.
In a letter from the Ministry of Energy to the consortium managing ‘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 regarding the partners’ request will be extended until November 20, and the deadline for compliance with 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 amended Proportional Sharing Agreement,” as stated in a relevant announcement by NewMed Energy, a company participating in the consortium, on November 7.
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