articles | 11 June 2015

Development Plan for Block 12 submitted

The Development and Production Plan for the Aphrodite natural gas field was submitted recently to Cyprus' Ministryof Energy by the partners in Block 12 of Cyprus Exclusive Economic Zone (EEZ).

Aphrodite Development & Production Plan submitted to Cyprus Government. Technical/Commercial details its exploitation,”  Energy Minister Yiorgos Lakkotrypis wrote on his personal twitter account.

Noble Energy International Ltd, Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership, holders of a licence for the exploration of hydrocarbons in Block 12, also submitted the Aphrodite development Plan to the Tel Aviv stock exchange on Wednesday.

The Aphrodite field has been declared commercial by the three companies that own the rights.

The Development and Production Plan is expected to include the companies’ proposal with regard to the method and the timeline for development and production, as well as the planning for the sales and marketing of the hydrocarbons. The plan will have to be approved by the Cypriot government and if and when an agreement is reached and the plan is approved, the Cabinet will be called upon to grant the companies an exploitation license.

In late 2011, Noble Energy announced the discovery of Aphrodite with estimated gross mean resources of 5 Tcf.  It has a 70% working interest, while Delek Drilling and Avner Oil Exploration each hold a 15% stake each.

Source: Cyprus Mail

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