BG grabs stake in Aphrodite gas discovery

LNG player BG Group informed it has taken a 35 percent holding in Block 12 offshore Cyprus which include the Aphrodite gas discovery.

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 company said in a statement on Monday.

Operated by Noble Energy, the Aphrodite gas discovery is approximately 170 kilometres south of Limassol.

At the beginning of the year, BG reported a drastic drop in exports from the Idku facility as less than 100 million cbf of gas per day were pumped to the facility from the contracted 1.1 billion cbf, due to Egypt’s energy woes that turned the country from a net exporter into a net importer.

LNG World News Staff; Image: BG Group