Cyprus gives Chevron another 6 months to come up with a timetable on a natural gas field development

Cyprus has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island nation’s southern coastline after an earlier plan was deemed lacking in a specific timetable. An official with knowledge of the matter says Chevron’s development proposal from March for the Aphrodite deposit estimated to hold 4.2 trillion cubic feet of gas “wasn’t considered targeted and was without specific timetables.” Cyprus' Energy Minister George Papanastasiou had asked the U.S. energy company in a letter for “specific, targeted actions” and a “specific timetable.”