BG Group has taken a 35% holding in Block 12 offshore Cyprus which includes the Aphrodite gas discovery.
Aphrodite 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 million tonnes per annum.
Operated by Noble Energy, the Aphrodite gas discovery is approximately 170km south of Limassol.
Completion of the transaction is subject to certain regulatory approvals as well as customary closing conditions.