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Tuesday, November 24, 2015
The potential of the Mediterranean continues to attract attention and interest with E&P firms following the big discoveries offshore Cyprus, Egypt, and Israel. The latest deal in the Mediterranean has BG joining Noble Energy offshore Cyprus.
Noble entered into a farm-out agreement for a portion of its interest in Block 12 offshore Cyprus with BG. Under the agreement BG is acquiring a 35% interest in Block 12, which includes the Aphrodite natural gas discovery, for total cash consideration of $165 million.
The Aphrodite, discovered in 2011, has gross mean natural gas resources of approximately 4 Tcf. The transaction has an effective date of April 1 and is expected to close before the end of 2015. Noble Energy will maintain operatorship of Block 12 with a 35% interest.
In addition to this transaction, Noble Energy announced the sale of its 47% stake in the Alon A and Alon C licenses offshore Israel, which include the Tanin and Karish fields, to the Delek Group for a total deal value of $73 million. The divestment of interest in these assets is an important step in fulfilling Noble Energy’s obligations under the recently-approved Regulatory Framework in Israel and will simplify the ultimate sale of Tanin and Karish to a third party.
Completion of both transactions are subject to certain regulatory approvals as well as customary closing conditions and adjustments.
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