Cyprus and Israel agree to resolve dispute over gas reservoir in disputed waters

Cyprus and Israel agree to speedily resolve a long-running dispute on exploiting a natural gas reservoir that straddles the maritime boundaries of both countries, energy ministers said.

Israeli Energy Minister Karine Elharrar held talks in Nicosia with her Cypriot counterpart, Natasa Pilides, to end a decade-long row over exploiting the reservoir in the eastern Mediterranean.

The energy ministers “agreed on the continuation of the constructive process followed for the Aphrodite and Yishai deposits issue for a fair and speedy resolution,” says a commerce ministry statement.

The statement says that working groups have made progress and that “both sides expressed optimism about the chances of a settlement and encouraged the companies involved to continue their dialogue.”

Elharrar says that, due to the global energy crisis and Europe’s growing gas needs, “it is in our best interest for both sides to expedite their work for a swift, transparent and fair settlement.”

The Cypriot Aphrodite field and Israel’s Yishai gas field expand across the maritime territory claimed by both countries.