The Cyprus government and the partners at the country’s 4.5tcf Aphrodite gas field have agreed to the revision of the production sharing contract (PSC) after around a year of negotiating (MEES, 26 April).

With field development at a standstill since its 2011 discovery, mainly due to the high cost of developing the field almost 160km offshore and in 1,750ms water depth, Nicosia and operator US-based Noble Energy came to the table last year (MEES, 29 June 2018). Noble (35%), and partners Israeli firm Delek (30%) and Anglo-Dutch major Shell (35%) requested that the PSC, the first signed by Cyprus be revised to reflect subsequent ‘R-factor’ contracts signed by Italian firm Eni, French major Total and US supermajor ExxonMobil.  (CONTINUED - 649 WORDS)