Cyprus' energy minister says a consortium composed of energy companies Total of France and Eni of Italy has been licensed to explore for natural gas deposits in another area off Cyprus' southern coast.
Georgios Lakkotrypis says the two companies have an equal share in a new block into which a gas deposit that Eni discovered in an adjacent block last year is believed to extend.
Cyprus media reported on Thursday that based on the revised agreement reached between the Ministry of Energy and the Noble - Shell - Delek consortium 57.1 percent of net revenues from the Aphrodite gas field will be received by the Republic of Cyprus and 42.9 percent by the firms developing the Block 12 reservoir.
Cyprus's energy minister says the country will renegotiate the financial terms of its contract with a consortium on exploiting a gas field off its southern shore.
Georgios Lakkotrypis told reporters on Tuesday that the consortium made up of Texas-based Noble Energy, Israel's Delek and Royal Dutch Shell wants to renegotiate the contract on the Aphrodite gas field.
Israeli Prime Minister Benjamin Netanyahu announced on Monday that a historic deal has been reached to sell Israeli natural gas for billions of dollars in Egypt.
This agreement will bring billions of dollars to our treasury, he said in an official statement, reports France press.
It was in 1979 when Egypt became the first Arab country to sign a peace treaty with Israel.
Royal Dutch Shell Plc is looking to bring natural gas from Israel and Cyprus to market, a step that could help turn the Mediterranean region into a major gas-producing hub.
According to sources, Shell is in talks to buy natural gas from Israel’s Leviathan field and combine it with output from Cyprus’ Aphrodite field – in which has a 35% stake – and pump it to an LNG plant in Egypt.
Greek oil producer Energean has exceeded its target for gas sales contracts needed before it goes ahead with plans to tap two gas fields off Israel's coast, market sources said on Wednesday. Energean bought the Karish and Tanin fields, located in deep waters around 100 kilometers off Israel's coast, last August for $148 million from US-Israeli partners Delek Group and Noble Energy.