BG Group Buys In To Aphrodite Offshore LNG

Published at 05:02PM - 23/11/15

Oil, gas and LNG major BG Group, has bought a stake in the Aphrodite offshore gas field located in the Cypriot sector of the Mediterranean sea.

BG, one of the world’s biggest producers of LNG both onshore and offshore, has acquired its stake from operator Noble Energy.

The 35% stake, will allow BG Group to further increase its current LNG portfolio, and production at the Egyptian based LNG export facility at Iduk, where the company holds stakes in two LNG trains. 

BG Group have said that the deal allows them to produce 3.6 million tones per annum (mtpa) of gas from the field.

Noble Energy will retain operator-ship of the field and a 35% stake, whilst Israel’s Avner Oil Exploration and its parent company Delek Drilling each retain a 15% stake.

The Aphrodite gas field, in Cyprus’ licence block 12, is located around 170 km (106 mi) south of Limassol.

Ownership of the field has previously been contested by Turkey, however backing from the UN, European Union, United States of America and Russia, gave Cyprus the backing needed to explore and establish production from the region.