Parliament on Thursday ratified an inter-state agreement between Cyprus and Israel on the sharing and non-disclosure of confidential information on hydrocarbons discovered in offshore block 12 of Cyprus’ Exclusive Economic Zone (EEZ) and the adjacent Ishai offshore licence within Israel’s EEZ.
The agreement was signed by the two governments in Nicosia on April 28. At the plenum on Thursday, government officials informed MPs that the agreement came about as part of ongoing broader negotiations between the two countries for a unitization deal paving the way for exploitation of cross-border natural gas and oil reserves.
During the unitization talks, the need arose for an agreement to share information on hydrocarbons in Block 12 and the Ishai license, the officials said.
Meanwhile the government announced this week the upcoming visit to the island by Israeli Prime Minister Benjamin Netanyahu. The precise date of the visit is to be announced.