Overview

• The Cyprus government and U.S. energy company Chevron have reached a deal to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus.
• The field is estimated to hold 4.2 trillion cubic feet of gas.
• The agreement is mutually beneficial for both Cyprus and Chevron, although further details were not disclosed.
• Chevron initially wanted to send the gas to Egypt through a pipeline, but Cyprus preferred to process it on a floating production facility for economic benefits and flexibility in supplying other markets.
• The agreement ends years of stalled negotiations and paves the way for extraction of the hydrocarbon after a dozen years since the deposit was discovered.