The governments of Israel and Cyprus announced today that they have made "significant" progress in resolving a long-running dispute over an offshore natural gas field and said they are determined to reach a deal quickly as the EU looks for new energy sources. , quoted by BTA.

Cyprus' Energy Minister Natasha Pilides and her Israeli counterpart, Karine Elharar, held talks in the Cypriot capital, promising to reach a "fair and swift solution".

The dispute between the two countries arose because Israel claims that part of Cyprus's Aphrodite field, estimated to contain about 124 billion cubic meters of natural gas, falls into its nearby Ishai field, which is along the offshore demarcation line that separates the exclusive economic zones of both countries.

The talks dragged on for several years, but Europe's need to divest itself of Russian energy sources after the war in Ukraine made the talks urgent.

Russia has cut natural gas supplies to Europe, raising prices.

Construction of a new liquefied natural gas terminal has started in Germany

"In light of the global energy crisis and the growing need for natural gas in Europe, I believe it is in our best interest for both parties to expedite a swift, transparent and fair agreement," Elharar said in a joint statement.

"The trust between us and the continuation of fruitful cooperation in various fields are very important for both countries," added the Israeli energy minister.

Pilides said the parties had made "significant progress" in drawing up a road map that an expert appointed by both sides would follow to reach a compromise agreement, adding that discussions would continue in the coming weeks.

"Cyprus and Israel share a common vision to fully unlock the potential of gas resources in the Eastern Mediterranean, thereby diversifying energy sources and routes to Europe," Pilides said.

Chevron and its partners Shell and Israel's NewMed Energy own the rights to drill for the Aphrodite field and said a development plan for the field would be ready by the end of the year. Another well will be drilled in the coming months to gather additional information about the size of the deposit.

Pilides said last month that processing the produced gas at facilities in Idkou, Egypt, was among four development options being explored.

Prospects for the Aphrodite field, as well as other gas fields discovered off Cyprus, received a boost after the European Union confirmed that natural gas could act as a transition fuel until 2050 as part of the EU's cleaner energy plan