NewMed Energy has announced that final decisions regarding the development of the Aphrodite field are expected on November 20, according to a statement issued to the Tel Aviv Stock Exchange. The consortium partners are set to deliberate on their potential actions concerning the project.

NewMed Energy reported that Chevron, the operator of the field, received notification from the Cypriot Ministry of Energy on November 5. The communication detailed an extension granted to the consortium partners, allowing additional time to align with the approved development plan. Specifically, the government's final and binding decision on the partners' request has been deferred to November 20, 2023. Additionally, the deadline for meeting the milestone is extended by two months, to January 7, 2024, contingent upon the partners' agreement to the development plan and the signing of a related amendment to the Production Sharing Contract.

The original Production Sharing Contract, established in 2019, stipulated a milestone for initiating the techno-economic study (Front-End Engineering and Design or FEED) for the field's development by November 7, 2023. Nevertheless, after the Republic of Cyprus rejected an amended development plan submitted by the company in May, the process underwent two extensions, with a consultation deadline set for November 5. The consortium has also sought a four-month prolongation of the entire process.

NewMed Energy has expressed its intention to thoroughly evaluate the implications of the Cypriot government’s recent correspondence and to explore the possible courses of action available.

The Aphrodite field joint venture is composed of Chevron Cyprus as the operator and BG Cyprus (Shell) holding a 35% stake, with NewMed Energy owning 30%.