Chevron is probably prepared to negotiate around its proposed FDP, but it will probably be on the details rather than the substance
It finally happened. Cyprus rejected Chevron’s updated Field Development Plan (FDP) for the 4.5trllion cubic feet Aphrodite gas field. But we have to be careful here: it is a rejection of the amendments to the 2019 FDP, not the plan itself. At this stage it is a negotiating position. Cyprus is not too happy with Chevron’s proposal and is hoping to get better terms. But can it pressure Chevron? Not sure, but it is worth a try. The negotiations in September will show. Cyprus must press for improvements to the updated FDP, but I hope, though, that this does not end up becoming another missed opportunity.
Past experience teaches us that we must stay focused on solutions.
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