Search

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - The Associated Press

kodikod.blogspot.com

NICOSIA, Cyprus (AP) — The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday. The field is estimated to hold 4.2 trillion cubic feet of gas.

The agreement is “mutually beneficial” for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details.

It was not immediately clear when the deal was reached. The official spoke on condition of anonymity because he was not authorized to discuss the agreement publicly.

The Cypriot energy ministry said in a statement Friday a letter from Chevron affirmed that both sides are in “alignment” regarding the “wider framework of the field’s exploitation.” The ministry added that they would “intensify discussions” in the coming weeks on the agreed-upon development plan “for the mutually beneficial exploitation” of the site.

Chevron 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 Cypriot government and would lend more flexibility to supplying other markets.

The agreement ends protracted negotiations that stalled development of the field for years and now paves the way for extraction of the hydrocarbon after a dozen years since the deposit was discovered.

Adblock test (Why?)



"gas" - Google News
December 01, 2023 at 09:36PM
https://ift.tt/4hSlLFx

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - The Associated Press
"gas" - Google News
https://ift.tt/G421jBx
https://ift.tt/WexOGig

Bagikan Berita Ini

0 Response to "Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays - The Associated Press"

Post a Comment

Powered by Blogger.