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The Cyprus government and the partners at the country’s 4.5tcf Aphrodite gas field have agreed to the revision of the production sharing contract (PSC) after around a year of negotiating ( MEES, 26 April ).
With field development at a standstill since its 2011 discovery, mainly due to the high cost of developing the field almost 160km offshore and in 1,750ms water depth, Nicosia and operator US-based Noble Energy came to the table last year ( MEES, 29 June 2018 ). Noble (35%), and partners Israeli firm Delek (30%) and Anglo-Dutch major Shell (35%) requested that the PSC, the first signed by Cyprus be revised to reflect subsequent ‘R-factor’ contracts signed by Italian firm Eni, French major Total and US supermajor ExxonMobil. (CONTINUED - 649 WORDS)