**NICOSIA, CYPRUS** – A high-level Israeli delegation arrived in Cyprus on Tuesday to spearhead crucial negotiations aimed at solidifying a landmark agreement for the joint exploitation of the Aphrodite-Ishai natural gas field. The visit underscores a concerted effort by Israel, Cyprus, and Egypt to bolster regional energy cooperation and unlock the substantial hydrocarbon potential of the Eastern Mediterranean. Officials from Israel's ministries of energy, finance, and justice are participating in the talks, signalling the strategic importance Israel places on this initiative.
At the heart of the discussions is the establishment of a robust framework for managing and developing the Aphrodite reservoir, a significant natural gas deposit that straddles the exclusive economic zones (EEZs) of both Cyprus and Israel. The proposed intergovernmental agreement seeks to delineate clear mechanisms for cooperation, particularly concerning the portion of the field situated within Israel's designated Ishai block. A key element of the negotiations involves defining equitable compensation arrangements for gas volumes extracted from within Israel's EEZ, ensuring a mutually beneficial outcome for both nations.
The development of the Aphrodite-Ishai field is intrinsically linked to broader energy strategies in the region. A principal objective is to facilitate the export of Cypriot gas to Egypt, where it can be liquefied and subsequently shipped to international markets. This tripartite collaboration is envisioned as a cornerstone for enhanced energy security and supply diversification for all participating countries. Israeli Energy Minister Eli Cohen articulated the significance of natural gas as a "strategic asset for Israel," highlighting the nation's drive to augment its production, expand export capabilities, and maximise economic returns from its burgeoning gas sector.
The current diplomatic push follows the prior submission of a final draft of the intergovernmental agreement to Israel. The stated ambition, voiced previously by former Cypriot Energy Minister George Papanastasiou, was to finalise and sign this pivotal accord by the close of the year. Should these timelines be met, Cyprus could potentially see its first offshore gas production commence in the early 2030s, a milestone that would fundamentally alter its energy landscape.
The technical conception for developing the Aphrodite reservoir involves the deployment of a floating production unit positioned directly above the gas field. The extracted natural gas would then be transported via pipeline to Egypt, leveraging existing infrastructure and established export routes. The Aphrodite reservoir is estimated to contain approximately 3.5 trillion cubic feet of recoverable gas, a volume that promises substantial economic and geopolitical dividends for the Eastern Mediterranean. This collaborative endeavour represents a significant stride towards realising the region's considerable energy potential and fostering a more integrated and secure energy future.