Israel and Cyprus reached an understanding of gas reserves on their maritime boundary, the Cypriot Energy Minister said on Tuesday, in a key step to resolve a nine-year stalemate over offshore spoils.
The development of the Aphrodite gas field in Cypriot waters has been halted because a small part of it extends into Israel’s maritime zone. 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 for solving the problem and the guidelines would be passed on to the companies involved in the project.
“The structure will be defined in a joint letter that is being prepared. We are both very pleased to be at this point now, after nine years of discussion,” Pilides told reporters like Steinitz, who was in Cyprus to sign a memorandum of understanding elsewhere. project, prepared to leave the island.
In 2019, Cyprus signed a 25-year concession with Noble Energy, Shell and Delek Drilling for the exploration of the Aphrodite field.
Israel maintained a necessary agreement before work began because part of Aphrodite overlapped the Israeli side.
The Aphrodite field contains about 4.1 trillion cubic feet of gas. At stake was around 10% of the deposit, which is a fraction of the gas already discovered in Israel.
Cyprus, Israel and Greece signed an agreement on Monday to create an undersea power cable that will cross the Mediterranean and connect their electricity networks.
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