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Cyprus

Chevron submits proposal for ‘Aphrodite’ gas field

Chevron has submitted its proposal for developing the Aphrodite gas field, the energy ministry announced on Tuesday.

The development comes after months of negotiations over how the natural gas reserves in Block 12 will be exploited.

According to the energy ministry, the submission is geared towards improving the agreed framework of developing the gas field within the agreed timeframe.

Chevron is the operator of the consortium and a 35 per cent partner in the field, along with Shell (35 per cent) and Israeli firm NewMed Energy (30 per cent).

“The ministry will evaluate the proposal with its advisors and duly inform the consortium. In the meantime, no public statements will be made over the matter,” the energy ministry said.

A bone of contention was the floating natural gas production unit (FPU) however in December, it emerged the gas giant had agreed to its use.

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