THE CYPRUS-CHEVRON SAGA: LEAKS, LEVERAGE, AND THE LOSS OF TRUST

In a tense period where geopolitical shifts are mirrored in the energy sector, recent developments between Cyprus and Chevron stand out as a cautionary tale. After turning down Chevron's modified plan for the Aphrodite gas field, Cyprus called for a resumption of talks with Chevron and its partners. The sequence of events that followed revealed not just the intricacies of international energy politics, but also the dubious role of mid-level executives and the involvement of external powers like the United States.

Timeline of Events

  1. Cyprus Rejects Modified Plan: Cyprus turned down Chevron's modified development proposal for the Aphrodite field, asking the company to adhere to previously agreed terms.

  2. Restart of Talks: Cyprus invited Chevron and Aphrodite partners for a restart of negotiations set for September 1st in Cyprus.

  3. Gastech Meeting: It was agreed that Cyprus and representatives from supermajors would meet during the Gastech week starting September 5th.

  4. Media Blackout: At the September 1st meeting, both parties agreed to not mention anything to the media about the discussions.

  5. Leak to Reuters: Despite the media blackout, Reuters published an article that night indicating U.S. support for Chevron, seemingly leaked from within the meeting.

The Backfire of the Leak The September 1st meeting was supposed to be an avenue for renewing dialogue and finding common ground. The agreement for no media mentions was presumably designed to allow for candid discussions without the interference of public opinion or stock market reactions. However, the leaked information to Reuters, which highlighted U.S. support for Chevron, shattered that delicate balance. The leak was likely an attempt by the Eastern Mediterranean (E Med) team to use U.S. clout as a strong-arm tactic against Cyprus.