Agreement signed for the assignment to BG Cyprus
Limited
of 35% of the interest in the
Hydrocarbon Exploration License
The Ministry of Energy, Commerce, Industry and Tourism announces that
the Republic of Cyprus and Noble Energy International Ltd, Delek Drilling
Limited Partnership, Avner Oil Exploration Limited Partnership and BG Cyprus
Limited, have signed today an agreement for the assignment to BG Cyprus Limited
of 35% of the interest arising from the Hydrocarbon Exploration License in Block
12 of the Exclusive Economic Zone of Cyprus, which includes the “Aphrodite”
natural gas discovery.
The assignment of rights to BG Cyprus Limited was approved by the
Council of Ministers on the 18 th of January 2016. On the basis of
the agreement signed today, Noble Energy will maintain operatorship of Block 12
with a 35% interest arising from the Hydrocarbon Exploration License, while
Delek Drilling and Avner Oil Exploration hold 15% each.
This Agreement is a positive development towards the exploitation of
the “Aphrodite” field.
