Noble Energy has signed an agreement to sell a part of its interest in Block 12 offshore Cyprus to the UK-based BG International for $165m, as well as its stake in the Alon A and Alon C licences off Israel’s coast for $73m.

Noble will sell a 35% interest in Block 12, which includes the Aphrodite gas field located offshore Cyprus to BG International.

Located 170km south of capital Limassol, Aphrodite gas field was discovered in 2011 and has an estimated gas reserve of around four trillion cubic feet.

Noble Energy said it will maintain operatorship of the block with a 35% interest.

Noble Energy Eastern Mediterranean senior vice-president Keith Elliott said: "Entering this upstream partnership with BG in our Cyprus discovery is an important step in moving the project forward for development.

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"We are continuing to work with the government of Cyprus to finalise Aphrodite development plans.

"In conjunction with that work, we have recently commenced gas marketing efforts, primarily targeting customers in Egypt, including both domestic purchasers and underutilised liquefied natural gas (LNG) plants."

"Entering this upstream partnership with BG in our Cyprus discovery is an important step in moving the project forward for development."

In Egypt, BG Group holds equity in the two-train LNG export facility located at Idku, in addition to LNG offtake rights to lift 3.6Mtpa.

The transaction is effective from 1 April 2015 and is expected to close by the end of this year.

Noble Energy has also announced the sale of its 47% interest in the Alon A and Alon C licences in offshore Israel to the Delek Group for $73m.

According to Noble Energy, sale of the licences including the Tanin and Karish fields is to fulfil the condition set by the Israeli Government to develop and operate Leviathan project.

As part of the deal signed with the Israel Government in September, Tanin and Karish must be sold to a third company. As part of the deal, Noble Energy was to decrease its stake in Tamar field to 25% from previous 36%.

Image: The Aphrodite natural gas discovery is located about 170km south of Limassol. Photo: © BG Group.