Chevron

The Republic of Cyprus and Chevron have agreed to hold discussions over the next four months in order to seek an amicable solution that ensures the development of the Aphrodite gas field without further delays.

Chevron and its partners, Shell and NewMed Energy, have put forward a new $4 billion plan to develop the Aphrodite gas field off Cyprus. The proposal comes after Cyprus warned it might revoke the license for the project due to delays.

The updated plan aims to address Cyprus' concerns but comes with a significantly higher price tag compared to previous proposals.

A Chevron-led consortium that holds licensing rights over a gas field off Cyprus will present an updated development plan within days, one of the partners said on Monday, after Cyprus gave them a three-month deadline to comply.

A Chevron-led consortium that holds licensing rights over a gas field off Cyprus will present an updated development plan within days, one of the partners has said, after Cyprus gave them a three-month deadline to comply.

Cyprus' Energy Ministry announced on Thursday that it has rejected the proposal Chevron, the managing company of the "Aphrodite" natural gas field, submitted on March 29, about the optimization of the approved development and production plan of the field. 

The Ministry of Energy has set a six-month deadline for the Chevron-led consortium to present a revised proposal regarding the production strategy for the Aphrodite field

In a move set to reverberate through global markets and geopolitical dynamics, the United States has announced the renewal of sanctions against Venezuela, citing unmet political commitments by President Nicolás Maduro. This decision comes amid escalating tensions between the two nations and holds significant implications for Venezuela, a key player in the international oil arena.

Cypriot Energy Minister George Papanastasiou announced on Wednesday that the obstacles in the development plan for the Aphrodite gas field have been overcome, marking progress in Cyprus' energy ambitions.

Indications of the existence of the largest natural gas deposit in the Mediterranean, with a size of 30 trillion cubic feet - Interest from energy giant Chevron to get involved in the project - Countdown to the start of test drilling by ExxonMobil

The United States on Monday began reimposing sanctions on Venezuela by restricting its mining sector after the South American nation's top court upheld the disqualification of an opposition presidential hopeful.