Global upstream spending has been slashed in recent months with project FIDs pushed back. US shale-focused firm Noble Energy is among those to have made the biggest cuts. So it comes as little surprise that the Houston-based firm is baulking at approving the $3bn development of Cyprus’ 4.1tcf deepwater Aphrodite prospect.

Noble (35%op) is partnered by Israel’s Delek (30%), a firm that has been selling-off assets in an attempt to avoid bankruptcy (MEES, 15 May), as well as Anglo-Dutch major Shell (35%). (CONTINUED - 1062 WORDS)