CYPRUS - FAMAGUSTA GAZETTE•Wednesday, 27 January, 2016
A deal with BG Group for a 35% equity in the "Aphrodite" gas field, offshore Cyprus, is expected to be sealed this afternoon in Nicosia.
According to an official announcement, Energy Minister Yiorgos Lakkotrypis and representatives of Noble Energy International Ltd, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership and BG Cyprus Ltd will sign, at the Ministry, a deal for conferring to the latter a 35% share of their Exploration License at block 12, in the exclusive economic zone of the Republic of Cyprus.
The proposal for the transaction has already taken the green light from Cyprus` Cabinet of Ministers, on January 18, where it approved a relevant proposal brought forward by Lakkotrypis.
US-based Noble Energy remains the main operator of "Aphrodite" with a 35% share, while BG acquires another 35% and Delek Group retains the remaining 30%, split equally between Delek Drilling and Avner Oil.
According to BG Group, the upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two-train LNG export facility at Idku.
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