Israel’s dispute with Nicosia over Gas

Israel’s dispute with Nicosia over Gas

Israel’s dispute with Nicosia over Gas: Oil and gas have forever more been the culprits behind bloodshed and wars in most of the world. Many a times reasons are procured to cover up the fact that countries in this age of development and education are fighting bloody wars, massacring innocent civilians and causing irreversible damage to lives – in other words behaving like uncivilized individuals from the Stone Age to achieve a bigger portion of fuel.

The latest in this scenario have been news about Israel’s5% claim on gas in Cypriot field causes dispute with Nicosia.

Israel’s dispute with Nicosia over Gas
Israel’s dispute with Nicosia over Gas

Details of the Dispute

It is commendable and therefore should be mentioned for the sake of motivation and encouragement that the two countries are attempting to solve the matter in an educated manner through discussions and talks.

Aphrodite, a gas field discovered back in 2011, is located at the very edge of economic waters of Cyprus. While this would clearly mean that the gas field should logically and ethically be under sole ownership of Cyprus, the dispute originated from the fact that one tip of this oil field also extends into Israel’s maritime zone.

Israel’s stronghold on the matter stems from the fact that if gas pumping begins from the Aphrodite gas field, it could possibly result in lesser gas being available in the adjacent Yishai gas field that is the property of Israel.

Israeli estimates place approximation in the region of approximately $1.5 billion from about 10 billion cubic meters of gas! The staggering amounts are obviously a huge motivating factor for both countries to fight over.

Israel’s dispute with Nicosia over Gas
Israel’s dispute with Nicosia over Gas

The combination of those who have already invested huge amounts of money into exploratory drilling in the gas fields of Yishai, claim an even bigger stake in the Aphrodite gas field. These are the Yishai partners as well as an energy firm from Israel by the name of Israel Opportunity and Nammax, a company which also has links to Benny Steinmetz – a billionaire of considerable influence. The estimates of amounts already spent in drilling are a staggering $120 million.

Israel’s 5% claim on gas in Cypriot field causes dispute with Nicosia and this is of immense concern to Cyprus. Cyprus regards the Aphrodite gas field as a national asset and is very eager to begin development; as doing so would lead to generation of revenues which the country badly needs.

It has been suggested that international experts be bought in to help solve matters in a peaceful and just manner if the countries themselves can not settle the dispute.

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