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Egypt and Cyprus Agree on Joint Development of Natural Gas Resources

Source: Gulfoilandgas.com - Articles 9/11/2014, Location: Africa

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President Abdel Fattah Al-Sisi has issued a presidential decree that ratifies the previously signed framework agreement between Egypt and Cyprus on the joint exploitation of hydrocarbon reserves, on the median line between the two countries’ Exclusive Economic Zones (EZZ).

The initial framework agreement for the joint Development was signed in Cairo on December 12, 2013 by the Cypriot Energy Minister Giorgos Lakkotrypis during President Nicos Anastasiades’ official visit to the interim government of Egypt.

It is no secret that rapprochement between Cyprus and Egypt is highly opposed by Turkey and many of its allies. A joint development agreement was not made possible during the government of ousted president Morsi and the Muslim Brotherhood, due to Turkish pressure against such initiative.

Al-Sisi decision finally puts an end to the controversy over the utilization of the Cross-Median Line Hydrocarbon Resources between Egypt and Cyprus. The agreement between the two governments has significant implications for the peaceful development of Natural Gas resources in the Eastern Mediterranean.

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