Energy Triangle
About 40 trillion cubic feet (tcf) of natural gas were found between Cyprus and Israel, giving both countries an upper hand in the trading business within the region.
Due to the joint establishment of the Exclusive Economic Zone between Cyprus and Israel, this marked the beginning of increased collaboration between the two Mediterranean neighbors.
[3] Greece joined Israel and Cyprus in the plan to export natural gas to Europe by 2015 through a power plant close to Limassol in 2011.
According to Dr. Constantinos Hadjistassou, academic at the University of Nicosia, oil could be extracted within a shorter frame than natural gas, in Cyprus.
[10] The two companies, along with other explorers, have discovered a reported 26 trillion cubic feet of gas in the Leviathan and Tamar fields worth some 200 billion euros at today's prices.
In August, 2015 at Egypt's EEZ, located only 6 km from Cyprus's Block 11, Eni discovered the Zohr field's estimated 30 tcf of natural gas in the Shorouk concession.
[12] The Cypriot media reported that the country could receive natural gas from Israel in early 2015 at reduced prices, if discussions on the supply of small quantities were completed by 2012.
[9] On 19 October 2015, Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu agreed to allow major concessions for Gazprom to develop the Leviathan reserves.
The Muslim Brotherhood had criticized Egypt for previously participating in energy relations with Israel and claimed blackouts were due to the Israeli exchange in 2010.
Nine months later, in August 2020, Greece and Egypt had signed a maritime deal, demarcating an exclusive economic zone for oil and gas drilling rights, to counter the Turkey-GNA agreement.
[20] Strategically thinking, piping the gas through Turkey would offer the highest return as upfront investment and transportation costs would be the lowest.
[23][24] On 8 August 2013, Greece, Israel, and Cyprus signed the tripartite energy memorandum of understanding after the completion of one year negotiation in Nicosia.
[29] His statement at the White House occurred a few hours after the signing of an 800 million euro agreement to lay the EuroAsia Interconnector to connect the three countries' power grids.
