Cyprus President Urges Acceleration of Natural Gas Extraction Plans with Chevron
President Nikos Christodoulides has called for expedited natural gas extraction off Cyprus' coast, citing urgency due to international developments. The Aphrodite gas field agreement with Chevron and partners is nearing completion, which is critical for regional energy security.
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President Nikos Christodoulides emphasized the need to accelerate natural gas extraction plans off Cyprus during a meeting with Chevron's delegation. The agreement concerning the Aphrodite gas field, involving Chevron, NewMed Energy, and BG Group, is near completion.
He noted that recent international events have heightened the urgency of these plans, which are vital for the EU's energy security and diversification. Discussions at the European Council summit highlighted the Eastern Mediterranean's geostrategic importance. A techno-economic study on Block 12 is expected to be completed by year-end, with subsequent investment decisions leading to gas transportation to Egypt's Damietta LNG terminal.
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