The Cyprus Government and Chevron Corporation are moving forward with the update of the existing development and production plan for "Aphrodite" gas field in Cyprus’ Exclusive Economic Zone (EEZ).

As Government Spokesperson Konstantinos Letymbiotis said on Wednesday, during a media briefing at the Presidential Palace, there has been an agreement between Chevron and the Republic of Cyprus on the next steps. He added that both parties, through the convergences outlined in the agreement, are proceeding with the update of the existing development and production plan.

Replying to a question regarding Chevron's written statement on the matter, he said that each company determines the timing at which it makes the announcements it desires.

"The Republic of Cyprus, reiterates once again that Chevron's presence in the Cypriot EEZ is a vote of confidence," he noted.

He also said that there would be more announcements in the course of events and pointed out that what’s urgent at this moment is to proceed with the update of the existing development and production plan.

Chevron is the operator of Aphrodite gas field reservoir, estimated around 4.4 trillion cubic feet along with Shell and NewMed Energy.

The consortium had submitted an updated development plan for "Aphrodite" to the Government for approval, proposing the connection of the reservoir to the gas liquefaction facilities in Egypt through a subsea pipeline. In the new plan, however, there was a removal of a provision for the development of a Floating Production Unit (FPU) above the reservoir, a point that Nicosia did not accept and subsequently rejected the updated plan.