Nicosia and the partners at Cyprus’ 3.5tcf Aphrodite gas field have agreed to extend their current negotiating period until 5 November, MEES learns. After Nicosia on 28 August rejected the partners’ (Chevron 35%op, Shell 35%, Israel’s NewMed Energy 30%) development plan revisions (MEES, 25 August), a 30-day grace period was entered. Unable to reach a compromise during the three meetings since, both sides have now agreed to give themselves more time.
The crux of the issue is Nicosia’s insistence that, as per the 2019 development plan agreed with former operator Noble Energy, a floating producing unit (FPU) is installed above the field as part of development. Chevron’s revisions, filed in May (MEES, 2 June), sought to save $1bn by cutting this out. (CONTINUED - 191 WORDS)