Once again, the Cypriot government has rejected the proposal presented by the Chevron, NewMed Energy, and BG Cyprus (Shell) consortium to “optimize” the Development and Production Plan of the Aphrodite field. Instead, they have requested the consortium to confirm their agreement on specific development actions within a six-month timeframe.

According to the Ministry of Energy, they received the consortium’s proposal to adjust the agreed plan for the field on April 2. The ministry committed to reviewing it and informing the consortium of their decision.

In a briefing to the Tel Aviv Stock Exchange, NewMed Energy disclosed that the Minister of Energy sent a letter to Chevron on April 30, stating that the proposed adjustments to the original plan, presented to the Cypriot government representatives on March 28, 2024, were unacceptable. The letter requests written confirmation from the partners within six months to proceed with the FEED (Front-end Engineering and Design) study as per the original plan. If agreed, certain extensions will be granted to meet milestones.

New Med, in conjunction with its partners in the Aphrodite field, is assessing their response to the government’s letter and contemplating potential next steps.

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Reports indicate that Chevron’s proposal, which centered on constructing a floating production unit, lacked specificity and timelines. The Ministry of Energy deemed it inadequate and requested targeted actions and a clear timeline. They have provided the company with six months to respond.

Source: CNA