Nicosia, Cyprus. Cyprus and Israel are close to reaching an interstate agreement on the Aphrodite natural gas reservoir, Energy Minister Michalis Damianou said on Monday. He said talks could conclude by the end of March.
Delegation visit and ongoing talks
Damianou told CyBC that an Israeli government delegation is expected to visit Cyprus within the next fortnight. He said the two sides are working to resolve pending issues to enable the signing of an agreement.
Scope of the prospective agreement
The talks concern management of the part of the Aphrodite gas field that extends into Israel’s Ishai block and the quantities of natural gas that may be located within Israeli economic waters. Damianou said the process sets out a mechanism for compensating the owners on the Israeli side.
Background and reserves
Talks between Cyprus and Israel have taken place intermittently for years. The Aphrodite reservoir is estimated to hold 3.5 trillion cubic feet of recoverable gas, and the gas was discovered in late 2011.
Commercialisation timeline
Damianou said that once the unitisation deal with Israel is in place, Chevron, the field’s operator, has a timetable for using the gas by 2030.
What do you think the agreement could change for the development of the Aphrodite gas field?