UK's BG group to operate 35 percent of block 12 in Cyprus
(MENAFN) Noble Energy, the Texas-based oil and natural gas exploration and Production Company has demanded that a third share of its block of exploitable gas off Cyprus be given to BG Group, according to reports.
Accordingly, BG group, the British multinational oil and gas company will be acquiring a 35 percent interest in Noble Energy's Block 12, which consists of the "Aphrodite" natural gas discovery, based on the laid out agreement.
Meanwhile, US-based firm Noble Energy made the first exploration off the southeast coast of Cyprus back in 2011 in the Aphrodite field, which is projected to comprise a staggering 127.4 billion cubic meters of gas.
In a different note, Cyprus and energy-starved Egypt are looking into the possibility of transferring gas from the Aphrodite field to Egypt via an undersea pipeline, thus Cyprus hopes to begin exporting gas by 2022.
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