An agreement with Chevron for the exploitation of the Aphrodite field is of “strategic importance” and a “priority”, President Nikos Christodoulides said on Monday.

Christodoulides met with Chevron CEO Mike Wirth and President of International Exploration and Production Clay Neff on Monday at Chevron’s headquarters in Houston, Texas, and pointed out the importance of the timely and effective implementation of energy plans.

“The conclusion of an agreement between the Republic of Cyprus and Chevron for the exploitation of the Aphrodite field, as well as the signing of an agreement with Egypt for the commercial development of the field’s natural gas last February, are of strategic importance for our country,” government spokesman Konstantinos Letymbiotis said.

In a written statement, Letymbiotis announced that the president was informed about the seabed survey set to start in early Summer, on the basis of the timetable for installing a pipeline between Aphrodite and a landing point in Egypt.

Chevron’s actions were also discussed, following the approval by the Republic of Cyprus of the Development and Production Plan for the implementation of the agreed terms and for the Host Government Agreement that will be concluded with Egypt following the signing of the relevant Memorandum of Understanding (MoU) last February.

Letymbiotis said the president stressed the importance of the timely and effective implementation of energy plans, on the basis of the Development and Production Plan.

“The development and exploitation of the Aphrodite field is a priority for the Republic of Cyprus,” he said, adding that the effective implementation of the plan is crucial “both for the country’s energy plans and for the strengthening of the region’s energy security, as it highlights the importance of our country as a new source of supply for the needs of neighbouring countries, but also for the European Union.”

According to the spokesman, Christodoulides said “Chevron’s presence in the Cypriot exclusive economic zone (EEZ) and in the region, as it is the only company operating in Cyprus, Israel, Egypt and Greece, adds momentum to the efforts for the exploitation of hydrocarbons in the region, rendering the company a key factor in ensuring energy security on a regional level through the development of synergies.”

“Its extensive know-how and international experience in the management of marine hydrocarbon deposits create added value and transfer technological innovations, benefiting Cyprus and the wider region,” the president added.

According to Letymbiotis, the representatives from Chevron reiterated their willingness to work closely with the Republic of Cyprus and expressed their intention to contribute to the implementation of the country’s energy strategy objectives.

They said Aphrodite was an important part of the company’s portfolio of activities in the Eastern Mediterranean, a region that is part of Chevron’s future plans and priorities.

The meeting took place at Chevron’s headquarters in Houston, Texas, where Christodoulides had the opportunity to tour the company’s infrastructure, which is designed to accommodate and support large-scale operations and specialised research programmes.