With the deadline for Chevron's proposal on the "Aphrodite" reservoir set to expire on Sunday, November 5, negotiations between the Republic of Cyprus and the consortium of "12" (Chevron, Shell, NewMed) led by the American giant for the development of the reservoir seem to remain in a deadlock. The negotiations, which started last August after Nicosia rejected the development plan for the reservoir, have gone through several phases. However, the main differences persist regarding the Floating Production Unit (FPU) and various other economic aspects compared to the initial development plan submitted by the consortium in 2019, prior to Noble Energy's departure. Unless an unforeseen event occurs, a two-week extension to Chevron is expected to be granted, as the visit of Clay Neff, a high-ranking executive of the American company, to Nicosia, aimed to break the deadlock. Nevertheless, the negotiations and the firm stances of both sides do not bode well for any significant progress, leading to further delays in the Aphrodite project.
