Council of Ministers approves the participation of British Gas in Block 12

The Council of Ministers has approved British Gas’s stake in Block 12 of the exclusive economic zone of Cyprus.  Block 12 contains Aphrodite gas field which is believed to hold a gross mean resource of around 4.5tn cubic feet of natural gas. Under the terms of the proposal Noble will retain a share of 35% while British Gas will also hold a 35% share. The remaining 30% stake is shared equally between Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership, each with a 15% stake.

British Gas is also expected to give its own input on the development plan and more specifically in regards to speeding up planning and saving resources. Energy Minister Mr Lakkotrypis stated that he expects that 2020 will be the year for development and production of natural gas.