Israel, Cyprus agree on resolving gas disputes overseas

Israel and Cyprus have reached an agreement on gas reserves exceeding their maritime limit, Cyprus’s energy minister said on Tuesday in an important step towards resolving a nine-year impasse over exploitation.

The development of the Aphrodite gas field in the Cypriot waters is halted because a small portion of it extends into the maritime zone of Israel. The field was first discovered in 2011.

Cypriot Energy Minister Natasa Pilides said she and her Israeli counterpart Yuval Steinitz had agreed on a framework to solve the problem, and guidelines would be passed on to the companies involved in the project.

“The framework will be set out in a joint letter that is being prepared. We are both very pleased that we are now at this point after nine years of discussion,” Pilides told reporters as Steinitz, who was in Cyprus for a memorandum of understanding. on another project, ready to leave the island.

In 2019, Cyprus signed a 25-year concession with Noble Energy, Shell and Delek Drilling for the exploitation of the Aphrodite field.

Israel required an agreement before the work began because part of Aphrodite was on the Israeli side.

The Aphrodite field contains an estimated 4.1 billion cubic feet of gas. About 10% of the deposit at stake was a fraction of the gas already discovered in Israel.

Cyprus, Israel and Greece signed an agreement on Monday to create a submarine power cable that will cross the Mediterranean and connect their electricity grid.