Cyprus agrees to defer offshore drilling commitment

Offshore staff

TEL AVIV, Israel – Cyprus’ government has agreed to waive a requirement for additional drilling on block 12 offshore Cyprus by May 23, according to Delek Group.

Block 12 includes the deepwater Aphrodite gas discovery. Delek is the owner of two companies partnering with operator Noble Energy.

The partnership had requested a postponement of the drilling deadline, and had also asked the government to discuss potential changes to the work plan under the production-sharing contract.

The government agreed to waive the drilling proposal on completion of the transfer of Noble’s recently negotiated transfer of 50% of rights in the block to BG Cyprus.

Last week, BG shareholders approved Shell’s offer for the company.

02/01/2016

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