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Noble Energy requests approval for farm-out agreement with BG International for Block 12 in Cyprus’ EEZ - 24/11/2015

Noble Energy requests approval for farm-out agreement with BG International for Block 12 in Cyprus’ EEZ
Monday, 23 November 2015

The Ministry of Energy, Commerce, Industry and Tourism announces that it has received, today, a request from Noble Energy International Ltd for a farm-out agreement with BG International, for a portion of its interest in Block 12 offshore Cyprus. According to the agreement, BG International will be acquiring a 35% interest in Block 12, which includes the “Aphrodite” natural gas discovery. Noble Energy will maintain operatorship of Block 12 with a 35% interest, while Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership hold 15% each.

The agreement, which is subject to approval by the Council of Ministers of the Republic of Cyprus, is an important step towards “Aphrodite’s” development. Moreover, it constitutes an alignment of upstream and midstream interests, as BG International, a company with substantial technical, financial and marketing capacity, is part of the BG Group that holds equity in the LNG export facility at Idku, in Egypt.