For all those who haven’t as yet comprehended the benefits of the Greek EEZ even though they are observing the dynamic developments of the Cypriot EEZ, there is also the example of Egypt.
Egypt has signed a demarcation agreement with Cyprus in 2003 and it enhanced it in 2012.
Besides, both with Egypt and Cyprus, we are now discussing a triple demarcation agreement, or even more precisely, regarding three double agreements.
In 2015 Egypt, thanks to the oil company Eni, discovered the Zohr reserve within its EEZ, right at the borders with the Cypriot EEZ.
And eventhough many are under the impression that the commercial phase following the discovery of a natural gas reserve is always slow, although we have the Tamar example which was discovered in Israel’s EEZ in 2009 and which became commercially available as from 2013, the Zohr reserve comes to discard them in a spectacular manner.
And eventhough this constitutes a world record, the production phase began only after 28 months.
If we additionally examine at what is happening already, and what we are in fact expecting, then we’ll see the magnitude of Egypt’s success thanks to its EEZ.
Already as from December of 2017 it produces 350 million cubic feet a day.
And half way through 2018 it will reach 1 billion cubic feet, and up to 1.7 billion cubic feet by the end of 2018.
It’s finally estimated that, it will be producing 27 billion cubic feet in 2019.
What else do the incredulous of the EEZ still require?