Under the terms of the agreement, BG will buy 35% in Block 12, which includes the Aphrodite natural gas discovery located approximately 170km south of Limassol.
Discovered in 2011, the Aphrodite discovery is estimated to have approximately 4 trillion ft3 of natural gas reserves.
Upon completion of the transaction scheduled before the end of 2015, Noble Energy will remain as operator of Block 12 with 35% interest.
Noble Energy said that the deal marks an important step towards the development of Aphrodite discovery.
Noble Energy Eastern Mediterranean senior vice-president Keith Elliott said: "BG brings substantial technical, financial and marketing capacity to the partnership.
"We are continuing to work with the government of Cyprus to finalize Aphrodite development plans.
"In conjunction with that work, we have recently commenced gas marketing efforts, primarily targeting customers in Egypt, including both domestic purchasers and underutilized liquefied natural gas (LNG) plants."
BG, which is being acquired by Shell in a deal worth $70bn, expects the deal to provide a potential source of gas to its two train LNG export facility at Idku, Egypt.
The transaction is subject to certain regulatory approvals as well as customary closing conditions.
Separately, Noble Energy signed an agreement with Delek Group, to divest 47% interest in the Alon A and Alon C licenses, which include the Tanin and Karish fields, offshore Israel, for $73m.
The sale is a part of Noble Energy’s obligations under the recently-approved regulatory framework in Israel. The firm also expects the divestment to simplify the sale of Tanin and Karish fields to a third party.
Image: The Aphrodite field is estimated to have approximately 4 trillion cubic feet of gross mean natural gas reserves. Photo: courtesy of num_skyman/ FreeDigitalPhotos.net.
