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

NICOSIA, Cyprus — 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, an official Friday. The agreement is “mutually beneficial” for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details. The Cypriot energy ministry said in a statement Friday a letter from Chevron affirmed that both sides are in “alignment” regarding the “wider framework of the field’s exploitation.” The ministry added that they would “intensify discussions” in the coming weeks on the agreed-upon development plan “for the mutually beneficial exploitation” of the site. 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.