Israel and Cyprus have reached an understanding of gas resources crossing their maritime border, the Cypriot power minister said Tuesday, in a major step toward a nine-year solution over cross-border damage.
Development of the Aphrodite gas field in Cypriot waters is sustained by the fact that a small part of it extends into the Israeli marine area. The field was first discovered in 2011.
Cypriot power minister Natasa Pilides said she and her Israeli counterpart Yuval Steinitz had agreed a framework for resolving the issue, and that guidance would be given to the companies involved in the project.
“The framework will be outlined in a joint letter being prepared. We are both very pleased that we are now at this stage after nine years of debate,” Pilides told reporters such as Steinitz, who was in Cyprus to sign a memorandum of understanding on another project, ready to leave the island.
Steinitz said there was a ‘fair chance’ of a final resolution. “Nothing is certain, but there is a good chance that this could lead to the solution of this small but important hurdle in the remarkable relationship and cooperation between Cyprus and Israel on energy and on many other issues,” he said. the comments made by the semi-official Cyprus News Agency.
Cyprus in 2019 had signed a 25-year discount with Noble Energy, Shell and Delek Drilling to take advantage of the Aphrodite range.
Israel had maintained that an agreement was needed before work began because part of Aphrodite was crossing the Israeli side.
The Aphrodite field holds approximately 4.1 trillion cubic feet of gas. About 10% of the investment, which is a fraction of the gas already found in Israel, was involved.
2 צפייה בגלריה
Yuval Steinitz with Cypriot group Natasa Pilides and Greek Energy Minister Kostas Skrekas on video call, after signing a contract connecting power grids on Monday
(Photo: EPA)
The project, called the Euro-Asia interconnection, will provide a backup power source in times of crisis, Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his co. -aoisean.