ECONOMY

Cyprus-Israel reach understanding over gas reserves

cyprus-israel-reach-understanding-over-gas-reserves

Cyprus and Israel have reached an understanding over gas reserves straddling their maritime border, the Cypriot energy minister said on Tuesday, in a key step toward 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 and another gas field there.

The Cypriot field was first discovered in 2011. Cyprus 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.

“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.

[Reuters]