BG Group has announced that it has taken a 35% holding in Block 12 offshore Cyprus, which includes the Aphrodite gas discovery.
In a statement, BG Group said that this upstream position provides a potential source of gas to Egypt, where the company holds equity in an LNG export facility at Idku and LNG offtake rights to lift 3.6 million tpy.
The Aphrodite gas discovery is approximately 170 km south of Limassol. It is operated by Noble Energy.
Completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions.
BG Group has announced that it has joined the World Bank Carbon Pricing Leadership Coalition, which collaborates on carbon pricing systems and policies.