Cyprus and Egypt to cooperate in finding new offshore deposits

Sep 26, 2001 02:00 AM

New oil and gas exploration in the Mediterranean is set to proceed after Cyprus and Egypt agreed to cooperate in finding new deposits in the sea between both countries. Cypriot Trade Minister Nicos Rolandis and Egyptian Oil Minister Sameh Fahmy made the agreement following their discussion on Mediterranean oil and gas deposits.
A committee will be formed to delineate the area of each country's economic zone, continental shelf and the location of possible deposits within each zone, Rolandis said. "We hope we will be able to reach a comprehensive agreement in the next few months so that Cyprus will be able to proceed with the exploration and utilization of sea deposits," Rolandis said.

Rolandis said Fahmy told him that Mediterranean oil deposits were at a depth of 2,000 meters (yards). Fahmy said Egypt has willing to share with Cyprus its wealth of information and knowledge of its offshore activities.
A Cypriot government statement said both nations will also form a tripartite ministerial committee with Syria to look into building an underwater pipeline to deliver natural gas to Cyprus from Syria. Rolandis said he has already discussed the proposed pipeline with Syria. "We hope this pipeline may be completed by 2005," he said.

Source: AP Worldstream
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