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Government strikes new deal with Noble over Aphrodite gas (Updated)
June 6, 2019
Cyprus has struck a production-sharing deal for the Aphrodite gas reservoir worth over $9 billon (€7.9bn) over 18 years with Noble Energy and its partners, it was announced on Wednesday.
Energy Minister Giorgos Lakkotrypis said negotiations have finished with Cyprus getting a good deal under the circumstances that is worth over $9bn or around $500 million (€443m) per year over 18 years, depending on the international price of oil. The revenues are based on an average price of oil of $70 per barrel.
Speaking after the cabinet meeting on Wednesday, Lakkotrypis said the parties were now at the stage of discussing the development and production plan.