Israel and Cyprus have reportedly agreed on a framework to settle the dispute over developing the Aphrodite gas field in Cypriot waters.
The Aphrodite gas field is located within Block 12 of the Cypriot Exclusive Economic Zone (EEZ) in the eastern Mediterranean Sea, approximately 160km south of Limassol.
The move marks a step ahead in resolving a nine-year deadlock over the field, discovered in 2011.
The development of the deep water field, which is estimated to hold up to 4.5 trillion cubic feet of recoverable gas reserves, was stalled as a small position of it stretches into Israel’s maritime zone.
Cypriot energy minister Natasa Pilides finalised a framework with her Israeli counterpart Yuval Steinitz to resolve the dispute. At the same time, guidelines will be issued to the companies involved in the project.
Με τον φίλο Υπ. #Ενέργειας του #Ισράηλ @steinitz_yuval συμφωνήσαμε το πλαίσιο έναρξης διαπραγματεύσεων από εταιρείες #Αφροδίτης & #Ισάι, για την εμπορική εκμετάλλευσή τους. Τον ευχαριστώ θερμά, όπως & όλους τους εμπλεκόμενους, για τις εποικοδομητικές συζητήσεις τελευταίου 24ώρου. pic.twitter.com/qe897Pe4DM
— Natasa Pilides (@NatasaPilidou) March 9, 2021
בזכות יחסי האמון שנוצרו בין ממשלות ישראל וקפריסין, הגענו להסכמה שתקרב אותנו אחרי יותר מעשר שנים לפתרון המחלוקת על מאגר הגז הטבעי אפרודיטה-ישי. https://t.co/Po2MO40zGh
— Yuval Steinitz יובל שטייניץ (@steinitz_yuval) March 9, 2021
Reuters quoted Pilides as saying: “The framework will be set out in a joint letter, which is being prepared. We are both delighted we are now at this point after nine years of discussion."
In November 2019, Cyprus granted an exploitation license to the Aphrodite gas field development partners for 25 years.
US-based Noble Energy operates the field with a 35% stake. The other partners include Israel-based Delek Drilling (30%) and the Anglo-Dutch oil major Shell (35%).
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