CAIRO: Bilateral talks between Egypt and Cyprus have focused on the common project to develop the Cypriot Aphrodite field, on the side lines of a tripartite summit with Egypt, Greece and Cyprus. Technical and economic studies for the project are to finish by the second half of 2015 to start pumping, said Sherif Ismail, Minister of Petroleum and Mineral Resources, Youm7 reported.
Despite Ismail’s announcement, Daily News Egypt quoted Khaled Abdel Badie, Chairman of the Egyptian Natural Gas Holding Company (EGAS), saying that Cypriot gas will be sent to Egypt by 2017 and the marine pipeline are to be completed within two and a half to three years.
TV Host Ahmed Mousa, in a live video from Cyprus in “Ala-Masoulity” program, said that Cypriot President Nicos Anastasiades talked about the Natural Gas reserve of Cyprus, which can is one of the largest reserves in the world, and assured that Egypt will have a “big share,” according to international agreements.
Mousa added that an Italian company will take over the drilling work in the Mediterranean region. He also mentioned that the Cypriot gas reserve is estimated to be worth $120 billion.
Ismail said, however, that the problem of the Spanish company Gas Natural Fenosa is still ongoing and solutions are being worked on.
President Abdel Fatah al-Sisi arrived in Cyprus April 29, for a one-day visit, to attend a tripartite summit with his Cypriot counterpart Nicos Anastasiades and his Greek Prime Minister Alexis Tsipras.
Egypt signed an agreement with Cyprus Dec. 12, 2013 over the development of hydrocarbon reserves along the maritime border between both countries in the Exclusive Economic Zone (EEZ).
The zone is a maritime territory over which a state has special rights of the exploration and use of its resources; Cyprus has signed agreements between Egypt, Lebanon and Israel to use and explore the area.
Former interim President Adly Mansour signed in 2013 an agreement with Cyprus over gas industry cooperation.