UK firm buys stake in Cyprus gas field for $165m

UK energy firm BG Group has bought a 35% stake in an offshore gas field in Cyprus. The firm agreed a purchase worth $165 million (£107.3m) with Noble Energy. The acquisition […]

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By Jacqueline Echevarria

UK energy firm BG Group has bought a 35% stake in an offshore gas field in Cyprus.

The firm agreed a purchase worth $165 million (£107.3m) with Noble Energy.

The acquisition includes the newly discovered Aphrodite gas field which has natural gas resources of approximately four trillion cubic feet, according to Noble Energy.

The transaction is expected to close at the end of 2015.

Keith Elliott, Noble Energy’s Senior Vice President of Eastern Mediterranean said: “BG brings substantial technical, financial and marketing capacity to the partnership. Their longstanding presence and experience in the region are great complements to our own and we are confident our combined strengths will enhance the value of Block 12.”

Oil giant Royal Dutch Shell is to buy BG in a deal worth around £47 billion.