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Britain's BG Group pays $165 mln for stake in Cyprus gas field

Reuters - UK Focus

(Adds statements from Noble, BG Group (LSE: BG.L - news) )

NICOSIA, Nov 23 (Reuters) - Britain's BG Group has agreed to pay U.S (Other OTC: UBGXF - news) . firm Noble Energy (NYSE: NBL - news) $165 million for a 35 percent stake in a consortium with rights over a natural gas field in the eastern Mediterranean, Noble said on Monday.

BG is acquiring the stake in Block 12, which includes the Aphrodite gas field off Cyprus, in a deal expected to close before the end of this year, Noble Energy said in a statement.

Noble Energy also announced it was selling its 47 percent stake in the Alon A and Alon C licenses off Israel, which include the Tanin and Karish fields, to Israel's Delek Group (Other OTC: DGRLY - news) for $73 million.

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Aphrodite, discovered in 2011, is estimated to contain about four trillion cubic feet of natural gas, according to Noble.

Cyprus, which required an international bailout in 2013, is hoping natural gas will fuel an economic turnaround.

The original partners in developing Aphrodite, Noble and Delek, said in June that the field was commercially viable and said their plans called for producing 8 billion cubic metres of gas a year and the construction of a pipeline to Egypt.

J. Keith Elliott, Noble Energy`s senior vice president for the eastern Mediterranean, said BG would bring substantial technical, financial and marketing capacity as the consortium develops the project.

Cyprus's energy minister, Yiorgos Lakkotrypis, said Noble had sought approval from the Cypriot government to include BG Group in the consortium.

Lakkotrypis said Noble would remain operator of the Aphrodite field, with it and BG Group holding 35 percent each and Delek Group 30 percent.

The island's cabinet is expected to review the request in early December.

"This is a very important development which highlights the confidence and prospects in Cyprus's exclusive economic zone from a company with such a large international presence," said Lakkotrypis, referring to BG.

In a separate statement, BG said: "This upstream position provides a potential source of gas to Egypt where BG Group holds equity in the two train LNG export facility at Idku as well as LNG offtake rights to lift 3.6 mtpa (million tonnes per annum)."

Royal Dutch Shell (Xetra: R6C1.DE - news) has launched a $70 billion takeover bid for BG Group. (Reporting by Michele Kambas; editing by Adrian Croft)