Latest news with #FrankCassulo
Zawya
18-02-2025
- Business
- Zawya
Chevron welcomes Egypt-Cyprus sign as key step for Aphrodite gas project
Egypt - The Memorandum of Understanding (MoU) signed on Monday between the governments of Egypt and Cyprus, alongside Chevron, marked a significant milestone in advancing key commercial agreements for the Aphrodite gas project, located offshore Cyprus. The agreement strengthens the project's long-term viability and supports regional energy collaboration. Frank Cassulo, Vice President of Chevron International Exploration and Production, expressed optimism about the agreement, stating: 'We welcome this MoU. It will provide the basis to move forward with related commercial arrangements.' He reaffirmed Chevron's commitment to developing the Aphrodite project alongside its Joint Venture partners, emphasizing its strategic importance both for Cyprus and for Chevron's Eastern Mediterranean portfolio. He also highlighted the project's role in supplying natural gas to Egypt, helping to meet the country's increasing energy demand. The approved Development and Production Plan (DPP) includes the establishment of a Floating Production Unit (FPU) within Cyprus' Exclusive Economic Zone (EEZ) and a pipeline to export gas to Egypt. Chevron's extensive resource base in the Eastern Mediterranean, estimated at 45 trillion cubic feet (TCF) of gross resources, offers significant expansion opportunities to meet growing natural gas demand in the coming decades. Cassulo underscored the Aphrodite project's long-term significance, stating that it will become an integral part of Chevron's regional network of high-reliability assets. He concluded by noting that as Chevron advances its global projects, the company remains committed to fostering economic growth and strengthening both regional and global energy security.
Trade Arabia
17-02-2025
- Business
- Trade Arabia
Chevron welcomes MoU on Aphrodite gas project
Chevron, one of the world's leading integrated energy companies, has welcomed the memorandum of understanding (MoU) with Cyprus and Egypt governments on the Aphrodite gas project as a positive step for the development. The governments of Egypt and Cyprus and Chevron on Monday signed agreements enabling the export of gas from Aphrodite gas project (offshore Cyprus) to Egypt for liquefaction and re-export to Europe. The deals signed at the 2025 Egypt Energy Show formalise a long-anticipated plan to link Cypriot reserves to Egypt's liquefied natural gas (LNG) facilities, a move that leverages Egypt's existing infrastructure to process and ship natural gas to European markets, a Reuters report said. Chevron said the MoU is a significant achievement as it will help to progress key commercial agreements related to the Aphrodite gas project, and support the success of this important asset. 'We welcome this MoU. It will provide the basis to move forward with related commercial arrangements,' said Frank Cassulo, Vice President, Chevron International Exploration & Production. 'Chevron and our joint venture partnership remains committed to developing and advancing the Aphrodite project, which is a significant resource for Cyprus and an important part of Chevron's Eastern Mediterranean portfolio as well as providing natural gas supplies to Egypt to help meet the country's growing energy demand.' The approved Development and Production Plan (DPP) includes a Floating Production Unit (also known as a gas processing facility) in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for exporting gas to Egypt. Chevron has a large resource base in the Eastern Mediterranean (45 TCF gross resource) with attractive expansion opportunities to support natural gas demand growth in the coming decades. 'We anticipate Aphrodite will over time be a key part of our regional network of highly reliable assets. As we advance any of our global projects, we can facilitate economic growth, enhance regional and global energy security,' Chevron said. – TradeArabia News Service
Zawya
17-02-2025
- Business
- Zawya
Chevron welcomes MOU with Cyprus, Egypt as positive step for Aphrodite
Cairo, Egypt: Today's signing of the Memorandum of Understanding (MOU) between the governments of Egypt and Cyprus and Chevron is a significant achievement as it will help to progress key commercial agreements related to the Aphrodite gas project, (offshore Cyprus) and support the success of this important asset. 'We welcome this MOU. It will provide the basis to move forward with related commercial arrangements,' said Frank Cassulo, Vice President, Chevron International Exploration & Production. 'Chevron and our Joint Venture partnership remains committed to developing and advancing the Aphrodite project, which is a significant resource for Cyprus and an important part of Chevron's Eastern Mediterranean portfolio as well as providing natural gas supplies to Egypt to help meet the country's growing energy demand.' The approved Development and Production Plan (DPP) includes a Floating Production Unit (also known as a gas processing facility) in the Cypriot Exclusive Economic Zone (EEZ) and a pipeline for exporting gas to Egypt. Chevron has a large resource base in the Eastern Mediterranean (45 TCF gross resource) with attractive expansion opportunities to support natural gas demand growth in the coming decades. We anticipate Aphrodite will over time be a key part of our regional network of highly reliable assets. As we advance any of our global projects, we can facilitate economic growth, enhance regional and global energy security. About Chevron Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available As used in this news release, the term 'Chevron' and such terms as 'the company,' 'the corporation,' 'our,' 'we,' 'us' and 'its' may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.
Yahoo
17-02-2025
- Business
- Yahoo
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
14-02-2025
- Business
- Reuters
Cyprus and Chevron-led group agree on updated plan for offshore field
NICOSIA, Feb 14 (Reuters) - Cyprus and a Chevron-led (CVX.N), opens new tab consortium have agreed on an updated development plan over an offshore gas field off Cyprus, a joint statement by the two sides said on Friday. There had been protracted talks on the future development of the Aphrodite gas field south-east of Cyprus since Chevron attempted to introduce changes to a 2019 field development plan. That plan had been agreed between Cyprus and Noble, the former licence-holder and an independent energy operator Chevron acquired in 2020. The approved Development and Production Plan (DPP) announced on Friday includes a floating production unit, also known as a gas processing facility, and a pipeline for exporting gas to Egypt. "We look forward to the expeditious development of the field via Egypt's facilities, a tangible step towards establishing the role that Cyprus envisions in the energy sector of the region, for the benefit of the country and its people," the joint statement quoted Cypriot Energy Minister George Papanastasiou as saying. Frank Cassulo, Vice President at Chevron International Exploration and Production said it was a "major development". "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." The approval of the modifications to the DPP and the Production Sharing Contract milestones aim to advance technical and engineering work in relation to Front End Engineering and Design and towards a Final Investment Decision for Aphrodite, the two parties said. Aphrodite was discovered in 2011 and is Cyprus's first offshore discovery, holding an estimated 3.5 trillion cubic feet (tcf) of gas. Cyprus has since discovered gas deposits in another four areas, all untapped to date. Chevron is a partner in the field with Israel's NewMed Energy and BG Cyprus Ltd., part of Shell (SHEL.L), opens new tab.
