BG Group has taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery.
According to BG, this upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku as well as LNG offtake rights to lift 3.6 mtpa.
The Aphrodite gas discovery is approximately 170 kilometres south of Limassol. It is operated by Noble Energy, who will maintain operatorship of Block 12 with a 35% interest, while Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership hold 15% each.
BG says that completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions.
According to Cyprus government, the agreement is an important step towards Aphrodite’s development and it constitutes an alignment of upstream and midstream interests.