Noble Energy is in talks with officials in Cyprus over how to develop a gas field discovered in 2011, reports Reuters.
The agency quotes Cypriot energy minister Yiorgos Lakkotrypis as saying discussions had also almost concluded with French company Total on modifying an existing exploration permit after initial results showed no tangible reserves in an area where it was licensed.
Lakkotrypis was reported as saying that Cypriot authorities had started discussions with Noble over its plans to develop Aphrodite, a 4.54Tcf gas reservoir.
"There are many steps which need to be taken, (but) it's the start of a process towards exploitation of the reserve," Lakkotrypis said.
Noble's partners on Aphrodite, which is adjacent to the larger Leviathan field, in Israeli waters, are Delek Drilling and Avner Oil Exploration, both subsidiaries of Israel's Delek Group , which each own 15% of Aphrodite, with Noble holding the rest.
"An arrangement has been found with Total, and right now the legal documentation remains to be approved," Lakkotrypis said. "If that yields results then they (Total) will be with us at least until February 2016."