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.

"A new FPSO vessel will be put in place to process 8bcm of gas annually."

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 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.