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General News
Meropi Kyriacou Honored as TNH Educator of the Year
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
NIKOSIA – America’s Chevron and partners in the delayed project to develop the Aphrodite gas field off Cyprus have agreed to abide by the original terms the government set after wrangling over them.
The group argued it could bring cost-saving changes but that brought a stalemate that saw the project caught in limbo, said the site Rigzone, reporting that the consortium will submit a plan that’s the same as the initial agreement.
NewMed Energy, an Israeli company in the three-partner group, in the consortium trio made the announcement after Energy Minister Giorgos Papanastasiou issued a notice of breach about the failure to start performing the project’s front-end engineering design (FEED) as agreed in the production sharing contract (PSC.)
“The operator (Chevron) in the Reservoir received from the Minister of Energy in the Cypriot government a notice of breach whereby the partners in the Aphrodite Reservoir have three months to remedy the breach in connection with their non-achievement of the Milestone, failing which the Cypriot government will be entitled to give notice of termination of the PSC,” NewMed Energy said in a regulatory disclosure.
“In this context it is noted that the partners in the Aphrodite Reservoir intend to submit, in the coming days, for the Cypriot government’s approval, an updated plan for development of the Reservoir (the ‘Updated Development and Production Plan’) which was prepared based on the original development and production plan, as previously approved by the Cypriot government,” NewMed Energy told the Israel Securities Authority and the Tel Aviv Stock Exchange.
The Energy Ministry earlier decided that the consortium should stick with the original plan for Aphrodite, the Mediterranean country’s first offshore gas discovery. Chevron Cyprus, Shell PLC’s BG Cyprus and NewMed Energy had been granted several grace to settle the original plan submitted in 2019.
In December 2023 Chevron asked the ministry for a postponement of the start of Aphrodite, saying deferment would allow the companies and the government to agree on an “optimal development plan,” but wasn’t accepted.
