Delek eyeing larger stake in Aphrodite gas field

Delek eyeing larger stake in Aphrodite gas field

Delek Group said it has begun preliminary negotiations with Noble Energy for the acquisition of 19.9% of its share in Block 12 in Cyprus.

Noble owns a 70% interest in the gas field while Delek and Avner Oil Exploration, each hold a 15% stake. The discussed consideration amount for 19.9% of the working interest is approximately US $ 155 million, the company said in a statement.

Delek stressed the negotiations for the stake in the field that holds 4.5 trillion cubic feet of gas are in the initial stage.

Earlier this year, the Cypriot government signed a memorandum of understanding with Egypt to develop the Aphrodite field and transport the gas directly to Egypt.

 

LNG World News Staff

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