Skip to Content
AP-National

Cyprus and Chevron reach a deal to develop an offshore natural gas field, ending years of delays

By
Published 5:10 AM

By MENELAOS HADJICOSTIS
Associated Press

NICOSIA, Cyprus (AP) — An official says the Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus. It’s estimated to hold 4.2 trillion cubic feet of gas. The Cypriot official said on Friday the agreement is “mutually beneficial.” Chevron wanted to send the gas to Egypt through a pipeline, but Cyprus preferred to process it on a floating production facility because it would be more economically beneficial for the Cypriot government and would lend more flexibility to supplying other markets.

Article Topic Follows: AP-National

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content