Georgios Lakkotrypis, the energy minister of Cyprus has said that the island nation will re-negotiate its contract’s financial terms of its contract with a consortium regarding the exploitation of a gas field off the Cypriot southern shore.

Mr. Lakkotrypis announced the consortium, which has Royal Dutch Shell, Texas-based Noble Energy, and Israel’s Delek as its members – wished to renegotiate the Aphrodite gas field contract. According to a recent estimation, the gas field is holding around 4.5 trillion cubic feet of gas.

According to Mr. Lakkotrypis, the consortium desire to renegotiate comes from the undesirable effect of the lower global oil prices, which make the selling of Aphrodite gas to an Egyptian Shell-operated processing plant an unsuitable deal.