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Cyprus and Egypt sign oil and gas MoU

Cyprus and Egypt on Monday signed a Memorandum of Understanding (MoU) on cooperation in the field of oil and gas.

The agreement was signed in Egypt by Energy Minister Giorgos Lakkotrypis and his Egyptian counterpart Sherif Ismail in the presence of Egyptian Prime Minister Ibrahim Mahlab.

It provides for cooperation between the two countries in the development and exploitation of the Cypriot ‘Aphrodite’ gas field in block 12 of Cyprus’ Exclusive Economic Zone, utilising existing gas infrastructure in Egypt for the mutual benefit of the two countries.

In particular, the MoU authorises the Egyptian Natural Gas Holding Company (EGAS) and the Cyprus Hydrocarbons Company (CHC) Ltd to examine technical solutions for transporting natural gas, through a direct marine pipeline, from the Aphrodite field to Egypt.

“This will optimise the use of the gas infrastructure and achieve an added value for both Cyprus and Egypt,” said a statement from the presidential palace.

“This undertaking will be carried out in cooperation with concerned stakeholders in upstream and Liquefied natural gas (LNG) activities. The aim is to conclude an agreement within six months from the date of the signature of this Memorandum of Understanding”.

It said the MoU was a significant step towards strengthening cooperation between Egypt and Cyprus in the field of oil and gas, which would further deepen the friendly relations between the two countries.

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