BG Deal Brings Cyprus, Israel Gas A Step Closer To Egypt

UK firm BG has paid US firm Noble Energy $165mn for a 35% stake in Cyprus’ sole gas discovery, the 5 tcf Aphrodite field. This values Aphrodite at $470mn – a relatively modest sum that reflects the challenges in bringing the field, which is 200km offshore in 2,000ms water depth, to development.

Noble will remain as operator keeping half of its former 70% stake. Both the US firm and BG say the sale boosts plans to develop Aphrodite by means of a tie-in to the BG-operated 7.2mn tons/year LNG liquefaction plant at Idku on the Egyptian coast, which has been idle since Egypt forced BG to halt exports in 2013.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE