The cabinet on Thursday approved a bill governing an inter-state agreement with Egypt for the construction of a subsea natural gas pipeline crossing through the exclusive economic zones of the two nations.
The legislation follows through from, and sanctions, the inter-state pipeline agreement signed between Cyprus and Egypt in September 2018.
Energy minister Giorgos Lakkotrypis was authorised to submit the bill to parliament.
The development came amid media reports on Thursday evening claiming that ExxonMobil has located gas at its second drill site, dubbed ‘Glafcos’, in Block 10.
The report carried by Sigma could not be confirmed. The outlet said announcements of a find could be made in about 10 days’ time.
ExxonMobil declined to comment.