BG buys into East Med’s Aphrodite field

Cyprus

LIMASSOL, November 24, 2015 – International gas major BG Group said on Monday it had acquired a 35-percent stake in the Aphrodite gasfield off Cyprus.

The field, located in block 12, was discovered in 2011 and is estimated to hold a mean gross resource of around 127 bcm (4.5 tcf) of gas.

BG Group said its stake in Aphrodite could develop into a source of gas for the Idku Egyptian LNG facility, in which the company has equity.

Aphrodite is among the East Mediterranean gas discoveries analysts are saying could provide a new gas supply for Western Europe in the coming years.

The field is operated by US upstream company Noble Energy.

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