Joint Statement by Chevron and the Ministry of Energy, Commerce and Industry on the approval of the Aphrodite gas Field Development and Production Plan

The Ministry of Energy, Commerce and Industry and Chevron Cyprus Limited (CCL), together with the Joint Venture partners, Shell and NewMed, announce the approval of the modifications proposed to the Development and Production Plan (DPP) related to the Aphrodite Field (Offshore Cyprus – Exploration Block 12). The Republic of Cyprus and Chevron and its partners look forward to progressing the development of this important project.

“The Republic of Cyprus has approved today the Development and Production Plan of the Aphrodite Field, following the official submission by the Aphrodite Consortium, Chevron Cyprus Limited, BG Cyprus Limited (Shell) and NewMed Energy LP,” commented Minister of Energy, Commerce and Industry, Mr George Papanastasiou. “We look forward to the expeditious development of the field via Egypt’s facilities, a tangible step towards establishing the role that Cyprus envisions in the energy sector of the region, for the benefit of the country and its people. We will be monitoring closely the fulfillment of the obligations of Chevron and its partners, on the basis of the approved Development and Production Plan and the Production Sharing Contract.”

“We welcome this major development and our productive engagements with the Cypriot government,” said Frank Cassulo, Vice President, Chevron International Exploration & Production. “Chevron values its partnership with the Republic of Cyprus and we believe it is important that Aphrodite is developed for the benefit of the Republic of Cyprus, and the Eastern Mediterranean region. This is also aligned with our strategy to deliver affordable, reliable, and ever-cleaner energy.”

The approved DPP includes a Floating Production Unit (also known as a gas processing facility) in the Cypriot Exclusive Economic Zone and a pipeline for exporting gas to Egypt.

The approval of the modifications to the DPP and the Production Sharing Contract milestones aim to advance technical and engineering work in relation to Front End Engineering and Design and towards a Final Investment Decision for Aphrodite.

(GA/AS/MS)

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