Chevron gets its extension for Aphrodite

Chevron has successfully obtained an extension until Friday to submit a crucial letter detailing its plans for the development of the Aphrodite field, as Cyprus’ Minister of Energy, Trade and Industry George Papanastasiou confirmed on Monday.

Chevron’s extension is attributed to the Thanksgiving celebrations in the US. Unless unforeseen circumstances arise, prevailing scenarios involve the exploration of a compromise formula for the Floating Production Unit (FPU) to avert a deadlock. Nicosia may also consider extending the deadline, reportedly until early February, to allow the US giant to return with the preliminary development.

Papanastasiou clarified that the ongoing process involves more than just exchanging letters. He emphasized that the letters serve the purpose of establishing the legal framework and presenting a formal position.

Various processes have been initiated, and others are under way to find a mutually agreeable solution, the energy minister stated. He also expressed confidence in a positive outcome and highlighted the significance of infrastructure for Cyprus and the critical importance for Chevron of state investment.