BG Group Buys a 35% Stake in Cyprus's Aphrodite Gas Field

BG Group Buys a 35% Stake in Cyprus' Aphrodite Gas Field
BG Group secures a 35% holding in the Aphrodite gas field, which was discovered offshore Cyprus in 2011.

BG Group announced Monday that it has secured a 35-percent holding in Block 12, offshore Cyprus, which contains the Aphrodite gas field that was discovered in December 2011.

BG said that the addition of Aphrodite to its portfolio represents a potential source of gas to Egypt where the firm has equity positions in the LNG export facility at Idku as well as LNG offtake rights to lift 3.6 million tons per annum.

Aphrodite, located just over 100 miles from Limassol, the field is estimated to contain a mean gross resource of approximately 4.5 trillion cubic feet of natural gas. It is one of several gas fields in the eastern Mediterranean Sea that some oil and gas industry followers believe could be combined to provide supply a significant amount of natural gas to Western Europe in years to come. Last week, after talking to the Republic of Cyprus's Ambassador to Israel at the Universal Oil & Gas 2015 conference in Tel Aviv, Rigzone reported that the country is keen to involve Israeli and Egyptian gas reserves in the eastern Mediterranean into an overall export solution.

Noble Energy operates the Aphrodite gas field along with the Leviathan and Tamar discoveries offshore Israel. Egypt's giant offshore Zohr field was discovered by Italy's Eni at the end of August this year.

BG Group is currently undergoing a takeover by Royal Dutch Shell, which agreed to buy the business in the spring of this year.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

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