Chevron (35%op), Shell (35%) and Israel’s NewMed Energy (30%) have until 31 March to formulate an “optimal development plan” in order for Nicosia to grant them an extension to launch Front-End Engineering Design (FEED) at Cyprus’ 3.5tcf Aphrodite field.

An agreement could be on the cards with a MEES source at the partnership saying they have “agreed” to accept Nicosia’s favored concept of an above-field floating production unit (FPU) “as the starting point” for discussions, albeit “subject to optimization.” (CONTINUED - 1096 WORDS)