The Republic of Cyprus and Chevron have agreed to hold discussions over the next four months to reach a consensual agreement ensuring the development of the Aphrodite gas field without further delays, stated the Minister of Energy.

In a joint announcement, the Ministry of Energy, Commerce, and Industry and Chevron outlined the next steps regarding the Aphrodite field. Energy Minister George Papanastasiou and Frank Cassulo, Chevron’s Vice President for International Exploration and Production, held constructive meetings this week in Nicosia concerning the field's development.

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"I am pleased to announce that the Republic of Cyprus and Chevron have agreed to engage in discussions over the next four months to reach a consensual solution that ensures the timely development of the Aphrodite gas field," said the Energy Minister.

He added that the government remains focused on advancing projects that benefit the country, with the rights of the Republic of Cyprus being of primary importance.

Frank Cassulo, Chevron’s Vice President, said, "We value the productive discussions with the Cypriot government and look forward to advancing the development of the Aphrodite field."

He further stated that the agreement reached "reflects our belief that it is essential for all involved parties to align around a common goal and direction to succeed in a complex energy project like Aphrodite."

Chevron Cyprus Limited holds a 35% stake in the Aphrodite gas field and serves as the managing company. Its partners include BG Cyprus Limited (Shell) with a 35% stake and NewMed Energy with a 30% stake.