BG Group has taken a 35% holding in Block 12, which includes the Aphrodite gas discovery, offshore Cyprus, the company said in a news release.
This upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku as well as LNG offtake rights to lift 3.6 mtpa.
Operated by Noble Energy, the Aphrodite gas discovery is about 170 km south of Limassol.
Completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions, the release said.
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