Delek eyeing larger stake in Aphrodite gas field

Delek Group said it has begun preliminary negotiations with Noble Energy for the acquisition of 19.9% of its share in Block 12 in Cyprus.

Noble owns a 70% interest in the gas field while Delek and Avner Oil Exploration, each hold a 15% stake. The discussed consideration amount for 19.9% of the working interest is approximately US $ 155 million, the company said in a statement.

Delek stressed the negotiations for the stake in the field that holds 4.5 trillion cubic feet of gas are in the initial stage.

Earlier this year, the Cypriot government signed a memorandum of understanding with Egypt to develop the Aphrodite field and transport the gas directly to Egypt.

LNG World News Staff