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Joint Statement by the Ministry of Energy, Commerce and Industry of the Republic of Cyprus and Chevron Cyprus Limited (Chevron)

The Ministry of Energy, Commerce and Industry of the Republic of Cyprus and Chevron hereby affirm our mutually beneficial cooperation in viably and efficiently developing the “Aphrodite” field, in the Republic’s Exclusive Economic Zone (EEZ).

In this regard, the Minister of Energy, Ms Natasa Pilides, and the President of Chevron Middle East, Africa, South America Exploration and Production Company, Mr Clay Neff, met today with the President of the House of Representatives, Ms Annita Demetriou, to update her on the development works of “Aphrodite”. These will include the on-site drilling of a new well in the coming months, in the overall framework of the field’s approved Development and Production Plan.

Chevron is also in the process of finalizing the optimisation of the “Aphrodite” field’s development concept, through possible synergies with other facilities in the region, thereby recognising the importance of Eastern Mediterranean gas resources. The development concept will be presented to the Minister of Energy for approval, by the end of the year.

Moreover, taking into account the prevailing energy environment and the potential for Cyprus and the wider Eastern Mediterranean to significantly contribute to Europe’s security of supply and diversification of sources, both parties remain committed to continue working together in order to expedite the timing of first gas from “Aphrodite” to Egypt and to European markets.

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