Noble Energy

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.

Cypriot Energy Minister George Papanastasiou has issued a new message to Chevron, operator of the Aphrodite gas field, via Parliament ahead of the crucial meeting with Chevron's Chairman Clay Neff. It comes as the deadline for resolving the dispute over the development plan of the field approaches.

Jordan's parliament passed a bill yesterday to ban gas imports from Israel, just days after they started under a multibillion-dollar deal struck in 2016 that is opposed by much of the population, Reuters reported.

Cyprus signed a 25-year concession on Thursday with a three-member consortium for the exploitation of a gas reservoir southeast of the island first discovered in 2011.

Cyprus' energy minister says a consortium composed of energy companies Total of France and Eni of Italy has been licensed to explore for natural gas deposits in another area off Cyprus' southern coast.

Georgios Lakkotrypis says the two companies have an equal share in a new block into which a gas deposit that Eni discovered in an adjacent block last year is believed to extend.

Turkey's Foreign Ministry on Friday said Friday the country will start offshore drilling activities within Cyprus' exclusive economic zone (EEZ) "in the near future," unless the  EU member-state halts its own operations in the area.

Turkish President Recep Tayyip Erdogan says his country is determined to protect Turkish Cypriots' rights to gas deposits in the eastern Mediterranean.

Kathimerini reports that stakeholders in the Aphrodite gas field have agreed to commit natural gas from Cyprus' Block 12 to Egypt's LNG facilities from where it will be exported to international markets. A few legal details remain and are expected to be clarified within days.

US oil giant ExxonMobil announced on Thursday the discovery of a significant offshore gas find in Cyprus's Block 10, Kathimerini Cyprus reported.
According to the preliminary interpretation of the data, the natural gas reservoir at the Glaucus-1 well is estimated between 5 trillion to 8 trillion cubic feet.

Cyprus, Greece and Israel have decided to set up a multi-party military force to provide security for natural gas infrastructure, Cypriot state television CyBC reported on Friday.

It said that the multi-party force decision was among unreported issues discussed at a summit of the three countries in Israel on Thursday.