Cyprus and Chevron Strike Deal to Develop Aphrodite Gas Field

The agreement, ending years of stalled negotiations, paves the way for extraction of the hydrocarbon, estimated at 4.2 trillion cubic feet.

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.