https://www.mees.com/2020/4/17/oil-gas/cyprus-drilling-plans-slashed-with-capex-cuts/349ebfe0-80b5-11ea-b944-47416156ef27Cyprus’ Aphrodite Gas Plans On The Rocks
26 Jun 2020Issue: 63 / 26By:Peter Stevenson
Strained finances and a bearish gas outlook will delay first Cyprus gas well beyond the 2025 plan, and possibly indefinitely.
Global upstream spending has been slashed in recent months with project FIDs pushed back. US shale-focused firm Noble Energy is among those to have made the biggest cuts. So it comes as little surprise that the Houston-based firm is baulking at approving the $3bn development of Cyprus’ 4.1tcf deepwater Aphrodite prospect.
Noble (35%op) is partnered by Israel’s Delek (30%), a firm that has been selling-off assets in an attempt to avoid bankruptcy (MEES, 15 May), as well as Anglo-Dutch major Shell (35%). (CONTINUED – 1062 WORDS)