Years of back and forth have failed to produce an agreement between Cyprus and Israel on how much of the 3.5tcf Aphrodite field lies in Israeli waters, a hurdle towards developing the field that was discovered more than 14 years ago. A deal now appears closer than ever after a delegation from Israel’s ministries of energy and finance visited Cyprus on 21-22 January.
“Within the framework of these agreements, the development of the reservoir will be carried out by the rights holders on the Cypriot side, while the holders of the Ishai lease [the name of the field on the Israeli side of the maritime border] and the State of Israel will receive compensation for their share in the reservoir, which will be determined by an international expert,” Israel’s Energy Ministry said in a 18 January statement, ahead of the visit. (CONTINUED - 610 WORDS)
