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10 December, 2022
 
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Cyprus-Israel gas dispute deferred to firms

Israel, Cyprus agree framework for settling offshore gas dispute

Source: Reuters

Israel and Cyprus have reached an understanding over gas reserves straddling their maritime border, the Cypriot energy minister said on Tuesday, in a key step towards resolving a nine-year impasse over offshore spoils.

Development of the Aphrodite gas field in Cypriot waters has been held up because a small part of it stretches 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 upon a framework to resolve the issue, and guidelines would be passed on to the companies involved in the project.

Israel had maintained an agreement was required before work started because part of Aphrodite overlapped on to the Israeli side

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

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

Israel had maintained an agreement was required before work started because part of Aphrodite overlapped on to the Israeli side.

The Aphrodite field holds an estimated 4.1 trillion cubic feet of gas. At stake was about 10% of the deposit, which is a fraction of the gas already discovered in Israel.

Cyprus, Israel and Greece on Monday signed an accord to create a subsea power cable which will cross the Mediterranean and link their electricity grids.

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