NICOSIA, Cyprus (AP) — Cyprus' energy minister says the country will renegotiate the financial terms of its contract with a consortium on exploiting a gas field off its southern shore.
Georgios Lakkotrypis told reporters Tuesday that the consortium made up of Texas-based Noble Energy, Israel's Delek and Royal Dutch Shell wants to renegotiate the contract on the Aphrodite gas field.The field is estimated to hold around 4.5 trillion cubic feet of gas.
Lakkotrypis said the consortium wants to renegotiate because current, lower global oil prices don't make viable a preliminary deal to sell Aphrodite gas to a Shell-operated processing plant in Egypt.
He said gas sale revenue was projected to start flowing into state coffers by 2022. Lakkotrypis said the aim is for a speedy agreement with the consortium to avoid delays.
Before you consider Royal Dutch Shell, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Royal Dutch Shell wasn't on the list.
While Royal Dutch Shell currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Get This Free Report
