US firm Noble Energy and its partners at Cyprus 5tcf Aphrodite gas field are locked in discussions with Nicosia over restructuring the Production Sharing Contract (PSC) signed in August 2011. The original contract model itself was drafted in 2008.

 MEES understands that Noble is seeking to tweak the PSC to include an R-Factor when calculating payments to the IOCs. This would be in line with those signed by Eni, Total and ExxonMobil in the two bid rounds since Aphrodite’s December...