Translation missing: eo.accessibility.skip_to_text
Stock Code: 831010

Cyprus gives Chevron another 6 months to come up with a timetable on a natural gas field development

Translation missing: eo.blogs.article.by YINTOM 13 May 2024 Translation missing: eo.blogs.article.comments
Cyprus gives Chevron another 6 months to come up with a timetable on a natural gas field development

Updated 4:13 PM GMT+8, May 2, 2024

NICOSIA, Cyprus (AP) The Cyprus government has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island nations southern coastline after an earlier plan proposed by the U.S. energy company lacked a timetable, an official said Thursday.

Chevron’s development proposal from March 29 for the Aphrodite deposit estimated to hold 4.2 trillion cubic feet of gas wasnt considered targeted and was without specific timetables, the official with knowledge of the matter told The Associated Press. The official spoke on condition of anonymity because he was not authorized to discuss details of the deal.

In a reply letter last Thursday, Cypriot Energy Minister George Papanastasiou asked Chevron for specific, targeted actions and a specific timetable that would confirm its commitment to developing the gas field.

In January this year, the Cypriot government and Chevron reached a mutually beneficial agreement on how to develop the gas field, ending long stalled negotiations on plans to extract the hydrocarbon since its discovery in 2011.

At the time, the Cypriot energy ministry said Chevron affirmed that both sides are in alignment regarding the wider framework of the fields exploitation.

Chevron had wanted to send the gas to Egypt through a pipeline, but Cyprus preferred to process it on a floating production facility because it would be more economically beneficial for the island nation and would lend more flexibility to supplying other markets.

On Tuesday, Claudio Descalzi, chief executive officer of the Italian energy company Eni discussed with Cypriot President Nikos Christodoulides ways to expedite development of gas fields that Eni discovered in waters off Cyprus southern coast.

A statement said the two men reviewed discoveries that Eni and its partner TotalEnergies of France made in 2022, confirming the encouraging outcomes of the previous wells.

Eni, which has had a presence in Cyprus since 2013, operates five offshore areas or blocks and has participating interest in another two.

Translation missing: eo.blogs.article.prev_post
Translation missing: eo.blogs.article.next_post

Translation missing: eo.blogs.article.comment_form_title

Translation missing: eo.blogs.article.moderated

Translation missing: eo.someone_purcharse.general.text_1
Translation missing: eo.someone_purcharse.general.text_2

Translation missing: eo.newsletter.success

Translation missing: eo.newsletter.error

Translation missing: eo.lookbook.shop_look

Translation missing: eo.products.product.select_options

Translation missing: eo.recently_viewed.general.product_title

Translation missing: eo.sections.cart.edit_cart_title
Back In Stock Notification
Translation missing: eo.sections.term_condition
What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. Why do we use it? It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).
this is just a warning
Translation missing: eo.customer.login_page.sign_in
Translation missing: eo.sections.cart.my_cart
0 Translation missing: eo.sections.cart.items

Before you leave...

Take 20% off your first order

20% off

Enter the code below at checkout to get 20% off your first order

CODESALE20

Continue Shopping