Aphrodite (Block 12) partners Noble Energy Inc. (NYSE: NBL) and Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L) have presented the Cypriot government with the development plan for the offshore gas field. The partners plan to build an independent floating production installation in the Aphrodite field, which will have the ability to produce 800 million cubic feet of natural gas per day, or 8 billion cubic feet per year. A gas pipeline from Cyprus to Egypt will also be laid.
The Aphrodite gas field contains 4.54 trillion cubic feet of natural gas and nine million barrels of condensate. Noble has a 70% stake with Avner and Noble Energy holding 15% each. Delek Group is in talks with Noble Energy to buy an additional 19.9% stake.
In February, the Cypriot government and Egypt signed an energy cooperation agreement in which Cyprus is exploring the option of gas exports to the domestic Egyptian market.
At the same time, Cypriot President Nicos Anastasiades is visiting Israel on June 14 to discuss possible energy cooperation with Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2015
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