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.
