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Chevron deal could be negative for Aphrodite gas

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US giant Chevron’s $5 bln acquisition of Noble Energy is a move that could affect the development of Cyprus’ Aphrodite gas field, the Energy Ministry said in a statement.

Chevron now has a major stake in the operating licence for Aphrodite in the Exclusive Economic Zone of Cyprus, along with joint venture partners Shell and Israel’s Delek.

Cyprus Energy Minister Natasa Pilides, in the next few days, will hold teleconferences with the heads of both Chevron and Noble Energy to be fully briefed on the agreement reached between the two companies, especially concerning the development of Aphrodite, the ministry said.

Noble was the first operator to discover natural gas resources offshore Cyprus in the Levant Basin.

In November 2019, the company received the first exploitation license granted by Cyprus, providing a fiscal and regulatory pathway for the economic development of the Aphrodite field.

Texas-based Noble Energy in 2011 made the first discovery off Cyprus in the Aphrodite block estimated to contain around 4.5 trillion cubic feet of gas – it has yet to be extracted.