In October 2008, following the 1st Cyprus Licencing Round, the Government of the Republic of Cyprus awarded Exploration License and Production Sharing Contract (EPSC) for Block 12 to Noble Energy International Ltd, for an initial term of three years.
Since 2008 Noble acquired new 2D and 3D seismic data and identified possible drilling targets. In September 2011, Noble Proceeded with its first exploratory drilling in Block 12, which resulted to a significant discovery (Aphrodite), with initial estimated gas quantities that ranged from 5 to 8 trillion cubic feet (tcf).
In 2013 Noble proceeded with an appraisal drilling at Aphrodite field to confirm gas quantities ranging from 3.6 to 6 tcf with a mean of approximately 4.5 tcf.
In December 2011 Noble Energy, after the approval of the Council of Ministers, transferred 15% respectively of its rights to the Delek Drilling L.P and Avner Oil & Gas Exploration L.P.
In February 2016 Noble Energy, after the approval of Council of Ministers, transferred 35% ownership to BG Group (now Shell).
In June 2015, the contractors have submitted the first version of the Development and Production Plan to the Government of Cyprus. CHC is supporting the ongoing Government review of the submitted Development and Production Plan.
In June 2015 the Block 12 contractors declared the Aphrodite field a commercial discovery.
Since summer of 2015, together with the rest of the Aphrodite Gas sellers, CHC is focusing the commercial effort on Egypt as the monetisation route for the Aphrodite field. The strategy is underpinned by three key market fundamentals:
- Availability of infrastructure: 2 LNG liquefaction plants with available capacity as well as an existing internal gas transportation network
- Regulatory framework: The Arab Republic of Egypt has taken solid steps towards creating the necessary regulatory framework to support trading of Gas in Egypt
- Strong Intergovernmental relations: The Arab Republic of Egypt and the Republic of Cyprus have a strong long term relationship.
CHC together with the rest of the Aphrodite Gas Sellers are in negotiations with a number of local and international buyers. Significant progress has been achieved in the negotiation process with the key buyers.