Chevron's Plan to Develop Cyprus' Aphrodite Gas Field Rejected, Negotiations to Begin

According to Bloomberg News, Cyprus has rejected Chevron Corp's proposal to develop the Aphrodite natural gas field offshore. However, Energy Minister Giorgos Papanastasiou has stated that discussions can now begin, with the goal of reaching an agreement within 30 days. The plan, which involved a consortium led by Chevron and including Shell and NewMed Energy, aimed to connect the gas field to an existing processing facility in Egypt through a subsea pipeline. Aphrodite, located around 170 km from Limassol, was discovered over a decade ago and is estimated to hold around 124 billion cubic meters of gas.

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