The Ministry of Energy of Cyprus has set a deadline until March 31, 2024, for Chevron, the managing company of the "Aphrodite" gas field, to present a proposal for an "optimal" development plan.

Chevron had requested an extension regarding compliance with the milestone of starting the Front-End Engineering Design (FEED) study for the field's development. The goal is to jointly formulate an "optimal development plan" with the Cypriot Government.

According to an announcement by NewMed, a partner in the "Aphrodite" consortium listed on the Tel Aviv Stock Exchange, "On December 8th, a response from the Minister authorized the manager to submit by March 31, 2024, a proposal for an optimal development plan. If approved by the Minister, the compliance date for the milestone (the start of the FEED study) will be extended at the Minister's discretion."

Reports indicate that Chevron sought a 12-month extension for the compliance period with this milestone.

According to reliable sources, the Ministry is giving Chevron some time to submit its positions regarding the update of the 2019 development plan, in order to decide whether to grant an extension for implementing the FEED commencement milestone.

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