In a joint statement to Reuters, Israeli Prime Minister Benjamin Netanyahu and Cypriot President Nicos Anastasiades said the countries are planning to explore potential untapped natural gas on the borderline of their respective economic zones in the eastern Mediterranean.
Israel is believed to hold 24 trillion cubic feet of natural gas in two of its unexplored fields while Cyprus is estimated to have about five trillion cubic feet of natural gas, Xinhua news agency reported.
Netanyahu said the countries are also considering various options on collaboration in energy sector, but refused to disclose further details.
According to Anastasiades, a pipeline in east Mediterranean and the Eurasia interconnector project to facilitate supply of electricity generated using natural gas as feedstock, to Europe, are among the other options being considered.
Anastasiades said: "With the Prime Minister, we agree exploration and exploitation of hydrocarbon assets is a sovereign right that is instrumental in the wider regional context and as part of a reciprocally beneficial relationship."
Netanyahu noted that the two countries would also explore cooperation in tightening security.
