BG Group Secures Stake In Aphrodite Discovery, Offshore Cyprus

BG Group said Monday it has taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery.

This upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku, as well as LNG offtake rights to lift 3.6 mtpa.

Operated by Noble Energy, the Aphrodite gas discovery is approximately 170 kilometres south of Limassol.

Completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions.