Cyprus, Chevron consortium approve updated Aphrodite gas field development plan
Cyprus' Ministry of Energy, Commerce and Industry, along with Chevron and joint venture partners Shell and NewMed, has approved proposed modifications to the Aphrodite gas field development offshore Cyprus.
The updated development and production plan (DPP) aims to expedite the technical and engineering phases, leading to the front-end engineering and design, and ultimately, the final investment decision (FID) for the Aphrodite field.
The revised DPP includes infrastructure such as a floating production unit and a pipeline to facilitate gas exports to Egypt.
Cypriot Energy Minister George Papanastasiou said: 'The Republic of Cyprus has approved today the Development and Production Plan of the Aphrodite Field, following the official submission by the Aphrodite Consortium, Chevron Cyprus Limited, BG Cyprus Limited (Shell) and NewMed Energy LP.
'We will be monitoring closely the fulfilment of the obligations of Chevron and its partners, on the basis of the approved Development and Production Plan and the Production Sharing Contract.'
The Aphrodite field is located approximately 160km south of Limassol and 30km north-west of the Leviathan field at a water depth of 1,700m. It was discovered in September 2011 via the A-1 well.
In November 2019, the Cypriot Government granted the Block 12 partners a 25-year production licence, with an option for a ten-year extension.
This licence included the initial approval for a framework for the reservoir's development.
Chevron international exploration & production vice-president Frank Cassulo added: 'We welcome this major development and our productive engagements with the Cypriot Government.
'Chevron values its partnership with the Republic of Cyprus and we believe it is important that Aphrodite is developed for the benefit of the Republic of Cyprus, and the eastern Mediterranean region. This is also aligned with our strategy to deliver affordable, reliable and ever-cleaner energy.'
In September 2024, a Chevron-led consortium submitted a revised $4bn (€3.62bn) development plan for the Aphrodite gas field to the Cypriot Government, aligning with its directives for natural gas production and processing.
"Cyprus, Chevron consortium approve updated Aphrodite gas field development plan" was originally created and published by Offshore Technology, a GlobalData owned brand.
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