UK firm BG has paid US firm Noble Energy $165mn for a 35% stake in Cyprus’ sole gas discovery, the 5 tcf Aphrodite field. This values Aphrodite at $470mn – a relatively modest sum that reflects the challenges in bringing the field, which is 200km offshore in 2,000ms water depth, to development.

Noble will remain as operator keeping half of its former 70% stake. Both the US firm and BG say the sale boosts plans to develop Aphrodite by means of a tie-in to the BG-operated 7.2mn...