Cyprus and Israel Near Agreement on Aphrodite Gas Field Management
Cyprus and Israel are close to finalizing an agreement on the management of the Aphrodite natural gas reservoir, with discussions set to conclude by the end of March. The negotiations focus on the portion of the field that overlaps with Israel's Ishai block and involve compensation for Israeli stakeholders. Additionally, Cyprus plans to monetize gas from its Kronos reservoir by late 2027, with ongoing infrastructure projects aimed at exporting to Europe.
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Cyprus and Israel are nearing an interstate agreement regarding the Aphrodite natural gas reservoir, with an Israeli delegation expected in Cyprus within the next two weeks. The discussions focus on managing the portion of the Aphrodite field that extends into Israel's Ishai block, including compensation mechanisms for Israeli stakeholders.
The talks are anticipated to conclude by the end of March. The Aphrodite reservoir contains approximately 3.5 trillion cubic feet of recoverable gas, with Chevron planning to utilize it by 2030. Additionally, Cyprus aims to monetize its gas from the Kronos reservoir in Block 6 by late 2027, transporting it to Egypt for liquefaction and export to Europe. Ongoing projects include the Great Sea Interconnector with Greece, and discussions regarding an LNG terminal at Vasiliko, which may see a new tender launched by June.
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