Framework Agreement between the Republic of Cyprus and the Arab Republic of Egypt concerning the development of cross-median line hydrocarbons resources.

This Agreement establishes the principles of cooperation between the two Parties with respect to the development of hydrocarbons resources where such resources extend across the median line. The Agreement is an agreement of principles and a more detailed agreement (Utilization Agreement) specifying a cross-median line petroleum cooperation between the two Parties shall follow in the near future. “Medial line” shall mean the line defined under the “Delimitation Agreement” signed by the two Parties in 2003, which established the delimitation of the exclusive economic zone between the two countries. When a cross-median line hydrocarbons reservoir is identified and may be exploited, each Party shall require the concerned licensees to meet and reach an agreement for the joint development and exploitation of the said reservoir. The Parties shall take all the necessary measures so that the concerned licensees comply with the health, safety and environmental requirements provided n their respective legislation and shall in particular ensure that the performance of the relevant activities, including the construction and operation of facilities and pipelines, shall prevent damage to the marine environment. The Parties shall establish in due time a Joint Cooperation Committee with representatives of each Party in order to facilitate the implementation of this Agreement.