Israel and Cyprus to resume Aphrodite-Ishai gas talks

Cyprus gas rig Photo: Reuters Cyprus Public Information Office
Cyprus gas rig Photo: Reuters Cyprus Public Information Office

Israel's Energy Minister Karine Elharrar has given the partners owning the rights to the adjoining offshore gas fields until March 4 to reach agreement.

Israel will resume diplomatic talks with Cyprus next month if the rights holders of the Ishai (Israel) and Aphrodite (Cyprus) field cannot reach a settlement by March 4. Israel's Minister of National Infrastructures, Energy and Water Resources Karine Elharrar has warned the companies developing the offshore fields about the deadline and said that all options are on the table including unifying the field.

Delek Drilling, Chevron and Shell are developing the Aphrodite field in Cyprus and Israel Opportunity, Nammax Oil & Gas, Petroleum Services Holdings (PSH), and Eden Energy are developing the adjoining Ishai field.

Elharrar wrote to the energy companies, "The State of Israel has not relinquished its rights to the Aphrodite prospect including its demand that the field not be unilaterally developed (by Cyprus)."

The Ishai partners expressed major satisfaction over Elharrar's position and said that her approach to the matter was in contrast to her predecessor Yuval Steinitz.

The largest part of the gas field is in Cypriot territorial waters and is called Aphrodite while the smaller part in Israel is called Ishai. There are an estimated 120 billion cubic meters (BCM) of natural gas in the Aphrodite field and an estimated 10-12 BCM in the Ishai field. With the rights holders unable to reach agreement on the exact division of the field and whether it will be exploited as a single field, the two countries will need to resolve the matter. Israel and Cyprus signed a cooperation agreement in 2010 dealing with any gas fields that might be discovered in the Mediterranean, which includes a clause about offshore fields that straddle the maritime border. In 2012, it transpired that the Ishai gas field was a continuation of Cyprus's gas field. Since then the partners in the two fields have been struggling to reach agreement.

Published by Globes, Israel business news - en.globes.co.il - on February 7, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Cyprus gas rig Photo: Reuters Cyprus Public Information Office
Cyprus gas rig Photo: Reuters Cyprus Public Information Office
David Amsalem  credit  Noam Moskowitz, Knesset Spokesperson's Office Rafael to pay state NIS 444m dividend

The minister in charge of the Government Companies Authority, David Amsalem, has approved the payment by the defense company.

Barak MX air defense system  credit: IAI IAI profit jumps 55%

Israel Aerospace Industries posted a net profit of $493 million for 2024, and ended the year with an all-time high orders backlog of $25 billion.

A TSG system in tactical use  credit: PR TSG signs cooperation agreement with US defense co

The agreement includes the integration of TSG's advanced technologies into sensor-based defense systems, which will be integrated into the operational systems of US defense units.

Bria CEO Yair Adato credit: Kseniia Poliak Israeli visual generative AI co Bria raises $40m

Bria’s Visual Generative AI platform empowers businesses to create predictable, controllable, and on-brand content that aligns with their visual language.

Amnon Shashua and Aviram Ziv credit: Eyal Izhar OrCam stymied by investor dispute with Shashua

Demands by institutional investors are blocking the visual and hearing impairment device developer's recovery plan.

Work on the Green Line credit: Bar Lavi Egged wins tender to operate TA light rail Purple, Green Lines

NTA awarded the tender to Egged, which already operates the Red Line, despite government ministry opposition to one operator for the entire network.

Gabi Seroussi illustration: Gil Gibli Board chooses Seroussi as IAI chair as Erdan freezes candidacy

Israel Aerospace Industries board chose Gabi Seroussi as chair even though he did not to go through the preliminary process of the Government Companies Authority appointments review committee.

Bavli Park penthouse credit: Eyal Tagar Tel Aviv Park Bavli penthouse sells for NIS 43m

A 44th floor penthouse in one of the two towers in businessman Yitzhak Tshuva's Park Bavli project has been bought by an Israeli businessperson.

El Al aircraft  credit: Yoav Yaari El Al pilots receive nearly NIS 250,000 bonus each

Thanks to the agreements signed with the unions in 2018, El Al's employees as well as senior management share in last year's success.

Pentera CEO Amitai Ratzon credit: Eyal Izhar Israeli security validation co Pentera raises $60m

Pentera's platform enables security teams to analyze complete attack paths, identify root causes, and prioritize remediation for effective risk reduction.

Tel Aviv credit: Shutterstock Supply of unsold new homes hits record

Israel's real estate market is sliding into recession with 78,000 unsold new apartments in January, the Central Bureau of Statistics reports.

D&B chairman Doron Cohen and Meitar partner Dan Geva Meitar reclaims title of Israel's biggest law firm

Meitar has first place with 537 lawyers, followed by Herzog Fox Neeman with 512 lawyers, according to the latest Dun's 100 rankings.

First International Bank of Israel CEO Eli Cohen  credit: Eyal Toueg First Int'l posts top return on equity

First International Bank of Israel's return on equity in 2024 was 19%, the highest among Israel's banks.

Dina Ben Tal Ganancia  credit: Guy Kushi & Yariv Fein El Al almost quintuples profit

The airline posted a net profit of $545 million for 2024, 4.7 times the profit in 2023, and an all-time high.

Gev Hadari credit: Nati Hortig Sompo Israel appoints Gev Hadari as cybersecurity head

Hadari's expertise spans penetration testing, including Red Team operations, web applications, mobile applications, OT/IOT products, and both external and internal assessments.

Attack drones credit: Shutterstock IDF issues tender for 5,000 Israeli-made attack drones

Critics of the tender say the number being procured is insufficient and thewre are security concerns about Chinese components.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018