Chevron Corp, the operator of the "Aphrodite" gas field in Cyprus’ block 12, has requested an extension for the commencement of the Front-End Engineering Design (FEED). This move aims to "formulate, in collaboration with the Cypriot government, an optimal development plan" for the gas reserve, estimated to hold 4.2 trillion cubic feet.

In a press release issued at the Tel Aviv Stock Exchange on December 3, NewMed Energy, a partner in the "Aphrodite" gas field, reported that "on December 1, 2023, Chevron Cyprus Limited, the field's operator, responded to the Energy Minister of the Cypriot government’s letter. Among other requests, Chevron sought to postpone the date for meeting the Production Sharing Contract (PSC) milestone for the commencement of the FEED. This postponement aims to allow time to jointly develop, during this extension, an optimal plan for the field's development.”

However, NewMed did not specify the duration of the extension Chevron has requested for starting the FEED.

According to sources from the Cyprus News Agency, the Cypriot Energy Ministry will engage in consultations on this matter and will subsequently respond to Chevron’s request.

On December 1, the Ministry disclosed that Chevron, in a letter to the Energy Minister George Papanastasiou, confirmed “alignment between the parties regarding the broader framework for exploiting the field.”

Consequently, with the mutual understanding now established, both parties are set to intensify discussions in the upcoming weeks. These talks will be based on the previously agreed Development and Production Plan, aiming for the mutually beneficial exploitation of the 'Aphrodite' natural gas reserves," the Ministry concluded.