Cyprus and Israel agreement to explore oil maritime feilds. (photo: Reuters)
An agreement was signed between Israel and Cyprus to demarcate their maritime boundaries, which paves the way for oil exploration and gas in the eastern Mediterranean region, according Reuters.
Nobel Energy, an American company for the production and exploration of oil in the US and globally, had the right to use the oil found In a Cyprian maritime field, and another near the Israeli borders.
The agreement was signed by the Cyprian Foreign Minister Kyprianou, and the Israeli Infrastructure Minister Uzi Landau, and is waiting for Parliamentary approval.