Cyprus and Lebanon agree to talk gas

Cyprus Mail

Cyprus and Lebanon yesterday agreed to start negotiations on a unitisation agreement which would regulate who gets what in the event that hydrocarbons are found in the area between the two countries’ exclusive economic zones (EEZ).

Energy Minister Giorgos Lakkotrypis and his Lebanese counterpart Gebran Bassil met yesterday in Nicosia to discuss hydrocarbon issues. The Cypriot minister announced after the meeting that the two sides have agreed to start discussions on a unitisation agreement with the aim of concluding it “as soon as possible”.

For his part, Bassil said: “We are opening a new era of good cooperation between Lebanon and Cyprus in oil and gas.” He added that Lebanon could constitute a potential market for Cypriot gas.

Source: Cyprus Mail FULL STORY