China's CNOOC in Cyprus talks with Delek and Noble Energy | Globes

China's CNOOC in Cyprus talks with Delek and Noble Energy

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19/06/2014, 09:15

Amiram Barkat

China National Offshore Oil Corp. is in talks to buy 30-40% of the Aphrodite field.

Energy giant China National Offshore Oil Corp. (CNOOC) is in talks to buy 30-40% of the Aphrodite gas field in Cyprus, sources inform "Globes." Noble Energy owns 70% of the rights of the field, which is in Cyprus's Block 12, and Delek Group Ltd. (TASE: DLEKG) energy exploration units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling Limited Partnership (TASE: DEDR.L) own 15% each.

The Aphrodite field, which borders on Israel's Pelagic licenses, an area north of Leviathan, has an estimated 4.1 trillion cubic feet of natural gas, enough to justify developing a Floating Liquid Natural Gas (FLNG), which would allow the Chinese company to export gas to Chinese companies. "Globes" also reported last week that Australian energy exploration company Woodside Petroleum Ltd. (ASX: WPL) is also interested in becoming a partner in the Cypriot field for similar reasons but CNOOC has a better chance of concluding a deal.

CNOOC was also interested in becoming a partner in the Leviathan field and sent representatives to Israel several times for talks. But ultimately the Leviathan partners preferred Woodside and its greater experience in FLNG projects.

Published by Globes [online], Israel business news - www.globes-online.com - on June 19, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014


Link to source: http://www.globes.co.il/en/article-chinas-cnooc-in-cyprus-talks-with-delek-and-noble-energy-1000947553