Cyprus signs first gas contract worth $ 9 billion

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Cyprus announced the signing of the first deal to exploit natural gas worth $ 9.3 billion, with an alliance of giant oil companies «Shell», «Noble Energy», based in the United States, and «Delek» Israel.

"Noble Energy, Shell and Delek now have the first exploitation license granted by the Republic of Cyprus so that it can market the stock," Cypriot Energy Minister George Lakotrips said.

The license, which lasts for 25 years, includes the Aphrodite gas field, the first discovered by Cyprus's Nobel Energy in 2011, which is estimated to contain more than 4 trillion cubic feet (more than 113 billion cubic meters) of gas. .

The signing of the deal comes after the government approved revisions to the production sharing agreement, which was made at the request of companies due to the significant decline in the prices of hydrocarbons since mid-2014.

Following a review of the production contract, Nicosia will receive an average annual income of $ 520 million over an 18-year period.

(tagsToTranslate) United States, (t) natural gas (t) billion (t) million

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