The Development and Production Plan for the “Aphrodite” natural gas field was submitted on Wednesday afternoon to Cyprus` Ministry of Energy by the partners in Block “12” of the Cyprus Exclusive Economic Zone (EEZ).
“Aphrodite” Development & Production Plan submitted to Cyprus Govt. Technical/Commercial details 4 its exploitation,” Energy Minister Yiorgos Lakkotrypis wrote on his personal twitter account.
Noble Energy International Ltd, Delek Drilling Limited Partnership and Avner Oil Exploration Limited Partnership, holders of a licence for the exploration of hydrocarbons in Block 12, also submitted the Aphrodite development Plan to the Tel Aviv stock exchange on Wednesday.
The Aphrodite field has been declared commercial by the three companies that own the rights.
The Development and Production Plan is expected to include the companies` proposal with regard to the method and the timeline for development and production, as well as the planning for the sales and marketing of the hydrocarbons.
The plan will have to be approved by the Cypriot government and if and when an agreement is reached and the plan is approved, the Cabinet will be called upon to grant the companies an exploitation license.
In late 2011, Noble Energy announced the discovery of “Aphrodite” with estimated gross mean resources of 5 Tcf. It has a 70 per cent working interest, while Delek Drilling and Avner Oil Exploration each hold a 15 per cent stake each.