Israel's Delek Looks to Increase Stake in Cyprus Gas Field

Reuters

JERUSALEM, June 1 (Reuters) – Israeli conglomerate Delek Group said on Monday it is in talks to buy an additional 19.9 percent stake of the offshore Cyprus gas field Aphrodite from its partner, Texas-based Noble Energy, for about $155 million.

Noble has a 70 percent stake in the field, which is located in Block 12 off the Cypriot coast and estimated to contain 4.54 trillion cubic feet of natural gas. Delek, through two subsidiaries, holds the remaining 30 percent.

The negotiations are at an early stage and any deal would need various regulatory approvals, Delek said.

(Reporting by Ari Rabinovitch; Editing by Tova Cohen)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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