Cyprus: gas field 'commercially viable', joint-venture says

Area known as 'block 12'

08 June, 11:16

    (ANSAmed) - NICOSIA, JUNE 8 - The 'Aphrodite' natural gas field discovered in Cyprus' exclusive economic zone (EEZ) has been declared commercially viable by the three companies owning rights on the field, known as block 12, the country's Energy Ministry announced on Sunday as GreekReporter website writes.

    "Noble Energy International Ltd, Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership, holders of a license for the exploration of hydrocarbons in block 12 of Cyprus' EEZ, have declared the commerciality of the 'Aphrodite' natural gas field," the statement said. The discovery will allow Cyprus' transition from the research to the development phase of its hydrocarbon reserves, the Ministry said, adding that they could be used for both domestic energy production and export through underwater pipelines to neighboring countries with which Cyprus has excellent bilateral relations. Texas-based Noble Energy, Israel's Delek Group and its subsidiary Avner Oil Exploration must now submit a development and production plan to the Cypriot government, the Ministry said. The plan will include the companies' proposal on the method, the development and production timeline, as well as the planning for hydrocarbons sales and marketing. The plan will then need to be approved by the government. (ANSAmed).

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