"Final decisions regarding the development of the 'Aphrodite' gas field are expected to be made today, Monday, 20 November 2023. The Government is set to deliver its final decision to Chevron regarding a possible extension for compliance with the start of the Front-End Engineering and Design (FEED) study.

It is recalled that, according to the Revenue Sharing Agreement agreed upon in 2019, the milestone for the commencement of the FEED study was set for 7 November 2023. However, the company submitted a revised development plan last May, which was subsequently rejected by the Republic of Cyprus in August. Following this, two extensions were granted for the consultation process, with a final deadline set for 5 November. Subsequently, the consortium requested a four-month extension of the entire process.

In a letter dated 5 November from the Ministry of Energy to the consortium managing 'Aphrodite', an extension was granted to the partners to comply with the development plan. Consequently, the deadline for the final binding decision of the Cypriot government regarding the partners' request was extended until 20 November. Additionally, the deadline for compliance with the FEED milestone has been postponed by two months (until 7 January 2024), provided that the partners confirm their agreement to the aforementioned development plan and sign an agreement for the amended Revenue Sharing Agreement. This was reported in a related announcement by NewMed Energy, a participant in the consortium, on 7 November."