Cypriot gov't approves BG as Noble, Delek partner

gas rig  picture: thinkstock

British Gas will own 35% of the Aphrodite reservoir, Noble Energy 35% and Delek 30%.

The Cypriot government today approved British Gas (BG) as a partner in the Aphrodite (Block 12) gas field. Noble Energy Inc. (NYSE: NBL) has sold a 35% stake in the field to BG, and will retain an additional 35% stake. Delek Group Ltd. (TASE: DLEKG) energy exploration and production units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L) will own 15% each.

The Aphrodite gas field has an estimated 4.54 trillion cubic feet (TCF) of gas and 9 million barrels of condensate, and is the only gas field so far discovered by Cyprus.

Delek and Noble are also in talks with BG after signing a letter of intent in June 2014 to provide 105 billion cubic meters of gas from the Leviathan field to BG's liquidation plant in Egypt for 15 years, in a deal worth $30 billion. This huge deal represents one sixth of the entire Leviathan field and will allow the partners to develop the reservoir.

Published by Globes [online], Israel business news - - on January 18, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

gas rig  picture: thinkstock
gas rig picture: thinkstock
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