The new schedule for the next steps concerning the development of the "Aphrodite" gas field has been set for November 27. This follows the Ministry of Energy granting a seven-day extension to the consortium, which will continue efforts to reach an agreement with the Government regarding the development plan.

In a recent update to the Tel Aviv Stock Exchange, NewMed Energy reported that on November 20, Chevron, the field's operator, received a letter from the Cypriot Ministry of Energy. This letter extended the deadline for the partners to consent to the development plan of the gas field until November 27.

"Chevron is committed to continuing efforts to find agreements with representatives of the Cypriot government concerning the development plan of the gas field," added NewMed Energy. NewMed participates in the consortium with a 30% stake, while Chevron and BG Cyprus Limited (Shell) each hold 35%.

The Israeli company reminded that the Cypriot government had rejected the modifications made to the development and production plan of the gas field. This plan was initially submitted in November 2019 by Noble Energy, the then operator, which was acquired by Chevron in October 2020.