Israeli delegation arrives in Cyprus for gas talks
An Israeli government delegation arrived in Cyprus on Tuesday to advance an agreement on the joint development of the Aphrodite-Ishai natural gas field, which straddles the exclusive economic zones of both nations.
According to an Israeli government announcement, the delegation includes officials from the ministries of energy, finance and justice and aims to conclude negotiations on the framework governing exploitation of the reservoir.
Israeli energy minister Eli Cohen said natural gas is a “strategic asset for Israel” and that the government intends to continue developing offshore fields to increase production, exports and economic returns.
The agreement focuses on cooperation mechanisms for managing the portion of the Aphrodite field that extends into Israel’s Ishai block and on compensation arrangements linked to gas volumes located within the Israeli EEZ.
In November, former energy minister George Papanastasiou said the text of the intergovernmental agreement was essentially complete and that a final draft had been sent to Israel, with the aim of signing by the end of the year.
The Aphrodite-Ishai agreement is tied to wider eastern Mediterranean energy planning, including the export of Cypriot gas to Egypt for liquefaction and onward shipment to international markets.
Cyprus, Israel and Egypt have promoted these projects as part of a broader strategy policy to enhance regional energy cooperation and supply security.
The Aphrodite reservoir is estimated to hold about 3.5 trillion cubic feet of recoverable gas.
Development plans envisage a floating production unit above the reservoir, with gas transported by pipeline to Egypt.
If timelines are met, the project would mark Cyprus’ first offshore gas production in the early 2030s.