US-based Noble Energy and Israel-based Delek Group have announced that the Aphrodite natural gas field located offshore Cyprus is commercially viable.
Delek Group’s subsidiaries Avner Oil and Delek Drilling have submitted a declaration of commerciality of the Block 12 reservoir in Cyprus under the production sharing contract to the Government of Cyprus.
The partners also plan to submit a proposed outline of the field development plan to the government, Delek said.
In 2011, Noble Energy and Delek Group discovered the deposit, which is estimated to hold 128bcm of gas in Block 12 and also comprises nine million barrels of condensate, Reuters reported.
A new floating production storage and offloading (FPSO) vessel will be put in place to process 8bcm of gas annually.
Underwater pipelines will also be constructed to connect the well to Cyprus and Egypt.
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By GlobalDataThe Aphrodite Reservoir is 70% owned by Noble Energy Mediterranean, Avner Oil Exploration has 15%, with Delek Drilling owning the remaining 15%.
Delek is holding discussions to acquire an additional 19.9% in the field in a deal worth $155m.
Since 2000, Delek and its partners discovered Tamar and Leviathan natural gas finds and are in the process of developing a balanced portfolio of exploration, development and production assets.