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BG farms - in to a 35% interest in Noble's Aphrodite discovery for US$165 million


BG farms - in to a 35% interest in Noble's Aphrodite discovery for US$165 million

Report summary

BG has acquired a 35% interest in Block 12 offshore Cyprus, which contains the Aphrodite discovery, for US$165 million. Noble Energy retains 35% and operatorship. We estimate Aphrodite holds 4.4 tcf of recoverable gas. Some of this gas will be required to meet Cypriot domestic market obligations, while the remainder will be exported via Egypt. The field was declared commercial earlier in 2015, but we hold it as a technical asset since there is no firm investment plans for the pipeline to Egypt. Project sanction remains some way off. Approval of the acquisition, negotiations for a pipeline JV, agreements on how much gas will go to Egyptian markets versus LNG export facilities, and LNG tolling fees are all critical-path. But it is possible that Aphrodite gas routed via ELNG will be cost competitive with US LNG.

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  • BG farms - in to a 35% interest in Noble's Aphrodite discovery for US$165 million PDF - 278.81 KB 5 Pages, 3 Tables, 0 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Strategic rationale
  • Oil & gas pricing and assumptions

In this report there are 3 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
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