Cyprus’ energy ministry on 23 August sent a notice of breach of contract to Chevron (35%), operator of the 3.5tcf Aphrodite gas field. The notice threatens the revocation of the development license held by the US major and partners Shell (35%) and Israel’s NewMed (30%) in three months once the letter, sent on 23 August is received at Chevron's headquarters in Houston, should a compromise agreement not be reached.
Nicosia believes it is entitled to issue the breach after Chevron missed a 7 November 2023 contractual milestone to launch FEED under the terms of a development plan approved in 2019 (MEES, 8 November 2019). (CONTINUED - 983 WORDS)
