Seeking Alpha

Cnooc in talks over Cyprus gas field with Noble Energy, Delek

  • Cnooc (CEO) reportedly is in talks to buy 30%-40% of the Aphrodite gas field in Cyprus; Noble Energy (NBL) owns 70% of the rights of the field, and Delek Group (DGRLY) energy exploration units Avner Oil and Gas and Delek Drilling each own 15%.
  • Aphrodite contains ~4T cf of natural gas, enough to justify developing an FLNG which would allow Cnooc to export gas to Chinese companies.
  • Woodside Petroleum (WOPEF, WOPEY), a partner in the Leviathan field offshore Israel, also is interested in becoming a partner in the Cypriot field, but Cnooc is said to have a better chance of concluding a deal.
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