FILE - People on the beach take photos of the 'Tungsten Explored' drilling ship, in the southern coastal city of Larnaca, Cyprus, on Nov. 3, 2021. 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 said Friday, Dec. 1, 2023. The field is estimated to hold 4.2 trillion cubic feet of gas.Photo by Petros Karadjias/THE ASSOCIATED PRESS

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

by · National Post

NICOSIA, Cyprus (AP) — 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 field is estimated to hold 4.2 trillion cubic feet of gas.

The agreement is “mutually beneficial” for both Cyprus and the company, the Cypriot official told The Associated Press but did not disclose further details.