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

by YINTOM 13 May 2024 0 comentários
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.

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