AS expected, Noble Energy, the operator of Aphrodite, is putting development of the gas field on hold. I warned about this in my article on May 10. Noble confirmed this week. It said that, while it remains true to its commitments in Cyprus, it is reconsidering the field’s development plan in the light of difficult global markets.
Noble intends to enter into negotiations with the government to agree a new development timetable. But ominously, it indicated that this would depend on global market conditions, gas demand and prices. Coupled with David Stover’s – CEO Noble Energy – statement on May 8 that “At Noble, we will not invest capital at less than acceptable returns, and we will preserve our resources for a better future,” this is worrying.