Cyprus and Israel Rush to Seal Aphrodite-Ishai Gas Deal by October End

Discussions between Cyprus and Israel over the Aphrodite-Ishai gas reservoir are ongoing, with Energy Minister Michael Damianos stating that talks will continue in October. The goal is to reach an agreement by the end of the month.

The issue at hand revolves around the Aphrodite field extending into Israel's exclusive economic zone, where it intersects with the Ishai field. This has led to negotiations between officials from both countries and their respective companies operating the fields.

Aphrodite is located in Block 12 of Cyprus' exclusive economic zone and is operated by US energy company Chevron. The government expects an agreement with Israel to be followed by a final investment decision regarding Block 12 next year, which would involve Chevron, NewMed Energy, and BG Group, owned by Royal Dutch Shell.