Michael Harari
The Yishai reservoir, located about 170 km. west of Haifa, is part of Israel’s economic waters and is a geological continuation of the Aphrodite reservoir, located in Cypriot economic waters. In other words, it is a cross-border reservoir.
The most common practice worldwide is an agreement for joint exploitation, i.e. unitization. The two countries agreed that this was indeed a joint reservoir, but even though more than 10 years had passed, the countries had not been able to reach an agreement concerning the exact portion of each country.
A year ago, the two governments decided to impose the task on the companies on both sides and instructed them to negotiate between them to reach an agreement on the compensation that the companies on the Cypriot side will give to those on the Israeli side.
The compensation is for a full waiver by the Israeli side of its rights and assets in the reservoir, as well as a waiver of a unitization move, as agreed between the countries in 2010. A time frame of one year was set for this, at the end of which, if the companies failed, the reins would be returned to the two governments.
The Yishai reservoir, located about 170 km. west of Haifa, is part of Israel’s economic waters and is a geological continuation of the Aphrodite reservoir, located in Cypriot economic waters. In other words, it is a cross-border reservoir.
The most common practice worldwide is an agreement for joint exploitation, i.e. unitization. The two countries agreed that this was indeed a joint reservoir, but even though more than 10 years had passed, the countries had not been able to reach an agreement concerning the exact portion of each country.
A year ago, the two governments decided to impose the task on the companies on both sides and instructed them to negotiate between them to reach an agreement on the compensation that the companies on the Cypriot side will give to those on the Israeli side.
The compensation is for a full waiver by the Israeli side of its rights and assets in the reservoir, as well as a waiver of a unitization move, as agreed between the countries in 2010. A time frame of one year was set for this, at the end of which, if the companies failed, the reins would be returned to the two governments.
