Delek Drilling Limited Partnership (TASE: DEDR.L) and Avner Oil and Gas LP (TASE: AVNR.L), two of the partners in the Aphrodite natural gas field in Bloc 12 in Cyprus, yesterday reported that the Cypriot government had been notified that they had discovered commercial quantities of gas in the field. The partners also reported that they would submit a plan for development of the field to the Cypriot government in the near future.
As noted in their annual reports, the partners in the reservoir plan to erect an independent floating production facility on the site of the reservoir with a presumed daily production capacity of 800 MMCF and gas pipelines from the reservoir to Cyprus and Egypt. The Aphrodite reservoir contains 4.54 trillion cubic meters (TCF) of gas and nine million barrels of natural gas condensate.
The Cypriot and Egyptian governments signed an energy cooperation agreement in February 2015. Under this agreement, the possibility of exporting gas from Cyprus to the domestic Egyptian market will be considered. At the same time, Cypriot President Nicos Anastasiades is visiting Israel on June 14 to discuss possible energy cooperation with Israel.
The partners in the Aphrodite reservoir are Delek Drilling (15%), Avner Oil and Gas (15%), and Noble Energy (70%). On May 31, Delek Group Ltd. (TASE: DLEKG) announced that it was conducting preliminary negotiations to acquire 19.9% of Noble Energy's stake in the reservoir.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2015
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