Chevron confirms revised plan for Aphrodite

Chevron on Tuesday confirmed that on August 30, it resubmitted a revised development plan for the Aphrodite gas field to the energy ministry for evaluation.

The confirmation comes a day after President Nikos Christodoulides said the plan for the gas field is moving “in the right direction”, with sources suggesting that the government would be issuing its response in two weeks.

On Sunday, NewMed Energy, Chevron and Shell submitted a new plan to the tune of a $4 billion cost.

In a statement released two days after, Chevron said that “the revised plan will be beneficial for the Republic of Cyprus”, from which it seeks “continued support”.

The company also added that the revised plan includes optimisations to the approved 2019 plan, which will benefit both Chevron and Cyprus.

The new plan is similar to the 2019 one but also accounts for the reduction in available natural gas resources. As a result, it has been further optimised for the benefit of Cyprus and the Aphrodite gas field partners.

According to Chevron, the plan includes a floating production unit (FPU) located within Cyprus’ Exclusive Economic Zone (EEZ), and a pipeline for gas export, consistent with the 2019 plan.

“The plan addresses the energy ministry’s concerns following the rejection of the previous proposal, particularly the request for an FPU in Cypriot waters, and aligns with our most recent assessment findings,” the statement said.

Chevron also confirmed its readiness to collaborate with its partners “to ensure the necessary arrangements are made to proceed with the Front-End Engineering Design (FEED) and subsequently reach the final investment decision”.

FEED is an engineering design approach used to control project expenses and thoroughly plan a project before a fix bid quote is submitted.

The company stressed the importance of rapidly developing the Aphrodite plan “for the benefit of Cyprus, the Eastern Mediterranean region, and European and international markets”.

“This aligns with Chevron’s strategy to provide affordable, reliable, and cleaner energy,” the statement continued.

“To achieve a positive outcome for all stakeholders, we require the continued support of the Cypriot government as we work to align the new modified plan and collaborate to meet all necessary arrangements and timelines.”

Chevron also highlighted the need for all stakeholders to “align around a common goal and path to achieve a complex energy project like Aphrodite”.

“We believe we are the ideal partner for this project, given our operational capabilities, existing presence in the Eastern Mediterranean, and experience with cross-border projects,” the statement said.