Christodoulides says development of offshore reserve is a strategic priority as officials look to accelerate timeline towards final investment decision
Cyprus’s president, Nikos Christodoulides, has held talks with a senior Chevron executive in New York, reaffirming that the development of the Aphrodite gas field remains a strategic priority for the republic and stressing that significant progress has already been made.
Speaking after the meeting on Monday with Javier la Rosa, Chevron’s president of base assets and emerging countries, government spokesperson Konstantinos Letymbiotis said the two sides had confirmed a shared commitment to advancing the field’s development, based on the approved development and production plan.
According to Letymbiotis, discussions covered the progress of technical and commercial work, as well as the next steps required to reach a final investment decision (FID) on the project.
Push to accelerate timeline
Letymbiotis said Christodoulides had stressed the importance of maintaining momentum and speeding up the timeline, with the aim of reaching a final investment decision as quickly as possible and beginning natural gas production.
Particular attention was also given to the strategic significance of energy cooperation between Cyprus and Egypt, and to progress made on channelling gas from the Aphrodite field through Egypt’s existing infrastructure – an arrangement formalised earlier this year through a memorandum on gas sales from the field to Egypt.
“This development creates substantial prospects for the commercial exploitation of reserves within Cyprus’s exclusive economic zone and strengthens regional energy planning and connectivity in the Eastern Mediterranean,” Letymbiotis said.
Cyprus reaffirms commitment to Chevron partnership
The spokesperson added that the president had reiterated Cyprus’s readiness to continue working closely with Chevron and all partners involved, in order to facilitate the project’s next steps and preserve momentum towards implementation.
Letymbiotis concluded by saying that the successful development of Aphrodite would represent a significant milestone for Cyprus, while also strengthening the role of the Eastern Mediterranean in European energy planning and energy security.
