Cyprus turned down a plan submitted by a Chevron Corp.-led consortium to develop the nation’s Aphrodite fuel discipline, Power Minister Giorgos Papanastasiou mentioned.
The concerned events can now “enter into discussions to succeed in an settlement inside a interval of 30 days,” Papanastasiou informed Bloomberg Information, with out elaborating on why the plan was rejected. The interval for a brand new spherical of negotiations began Friday.
Chevron, together with Shell Plc and Israel’s Newmed Power LP, have drilling rights within the Aphrodite offshore discipline. The companions within the Aphrodite reservoir submitted an up to date plan for the Cypriot authorities’s approval that may join the Aphrodite reservoir to an present processing facility in Egypt by way of a subsea pipeline, NewMed Power mentioned in Might.
In keeping with Chevron, the up to date plan is anticipated to scale back growth prices and convey ahead the beginning of manufacturing.
Aphrodite, first found in 2011, is estimated to carry 4.4 trillion cubic ft (125 billion cubic meters) of nonetheless untapped fuel and lies close to the Leviathan discipline off the coast of Israel that’s collectively operated by Chevron and NewMed.
Learn extra: Cyprus and Israel Agree Foundation for Cross-Border Fuel Discipline Talks
–With help from Sotiris Nikas.