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Monday, March 16, 2015
Egypt and Cyprus signed a memorandum of understanding (MoU) for cooperation in the field of oil and gas on the sidelines of the Egypt Economic Development Conference (EEDC) that took place in Sharm El Sheik over the weekend. The agreement was signed between Khaled Abdel Badei, Chairman of EGAS and ToulaOnoufriou, President of Cyprus Hydrocarbon Company (CHC) Ltd.
The MoU will, among other things, facilitate cooperation between the two countries in the development and exploitation of the Cypriot Aphrodite gas field in Block 12 of Cyprus’ Exclusive Economic Zone. The MoU calls for the field to be developed using existing Egyptian gas infrastructure to the mutual benefit of both countries. Such cooperation is meant to enhance Egypt’s stability and prosperity while promoting Cyprus undeveloped reserves while encouraging further exploration and development activities in the country.
“This MOU is considered to be an important step towards the positioning of Egypt as a regional energy hub,” Petroleum Minister Sherif Ismail commented.
The MoU authorizesEGAS and CHC to examine potential pipeline and onshore facilities options for transporting natural gas, from the “Aphrodite” field to Egypt. This will optimize the use of the gas infrastructure and benefit both Cyprus and Egypt. This undertaking will be carried out in cooperation with concerned stakeholders in upstream and LNG activities.
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