Gulf Oil and Gas accountACCOUNT

Egypt and Cyprus Agree on Joint Development of Natural Gas Resources

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

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.

Articles in the Egypt Gas Puzzle series:

Natural Gas News in Egypt >>

Qatar >>  12/10/2018 - Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon show...
Russia >>  11/30/2018 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Norbert Konkoly, Ambassador Extraordinary and Plenipotentia...

United Kingdom >>  11/29/2018 - PETRONAS through its subsidiary, PETRONAS LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) signed binding Heads of Agreement (HOA) for long-term liquefied...
Russia >>  11/28/2018 - A Gazprom delegation headed by Alexey Miller, Chairman of the Company’s Management Committee, paid a working visit to Turkmenistan today. ...

United Kingdom >>  11/23/2018 - The report 'H21 North of England' published, sets out how 3.7 million homes and 40,000 businesses in the north of England, currently heated by natural...
Russia >>  11/21/2018 - The Gazprom Board of Directors took note of the information about the impacts of the events of 2018 on the long-term outlook for the global energy mar...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.