ENERGY: Noble seeks BG farm-out in Cyprus natgas block

The Ministry of Energy, Commerce, Industry and Tourism announced that it has received a request from Noble Energy International for a farm-out agreement with BG International, for a portion of its interest in Block 12 offshore Cyprus.

According to the agreement, BG International will be acquiring a 35% interest in Block 12, which includes the “Aphrodite” natural gas discovery. Noble Energy will maintain operatorship of Block 12 reducing its stake from 70% to a 35% interest, while the two Israeli companies Delek Drilling and Avner Oil Exploration hold 15% each.
The farm-out agreement, which is subject to approval by the Council of Ministers of, is an important step towards “Aphrodite’s” development.
Moreover, the Ministry said, the agreement “constitutes an alignment of upstream and midstream interests, as BG International, a company with substantial technical, financial and marketing capacity is part of the BG Group that holds equity in the LNG export facility at Idku, in Egypt.”