A revised PSC for Cyprus’ 4.5tcf Aphrodite is close. Growing momentum for further appraisal drilling could push FID back three years, and potential production to 2025.

Renegotiations over the production sharing contract (PSC) for Cyprus’ 4.5tcf Aphrodite gas field began last summer between the Texas-based operator Noble Energy and Cypriot authorities. Terms are to be updated to include a greater linkage to the price of gas, and especially with more upside for the firm in periods...