BG Group acquires 35% of Cyprus’ block 12

23 November 2015
119 Views

BG Group has acquired 35 per cent hold in Cyprus’ block 12, where the Aphrodite gas field lies, the company said in an announcement on Monday.

The company wrote, “BG Group today announces it has taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery. This upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku as well as LNG offtake rights to lift 3.6 mtpa.”

Block 12 is operated by Noble Energy and the Aphrodite field is located about 170 KM south of Limassol’s shores.

The company said that completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions.

Nothing to do with Cyprus Problem

Government sources of Sigma TV said that the action sends the political message that the energy plans of the island don’t have to do with the developments in the Cyprus problem. The same source said that this is what is meant by the presence of BG on the island.

The government source said that President Anastasiades will be holding a meeting with the head of drilling from TOTAL on Tuesday afternoon.

Official from the Ministry of Energy

Cyprus’ Energy Ministry said that they received the application from Noble Energy on Monday.

Noble asked the Ministry to confirm the sale of 35 per cent of block 12 to BG International. The ministry’s announcement said that the company will remain the manager of the block with its 35 per cent stake, while Delek will retain its 15 per cent.

The ministry said that this action is consistent will lining up the interests in the chain of production and management of natural gas.

BG Group is an oil and natural gas company that is headquartered in the UK.

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