NICOSIA – Cyprus and Israel are reportedly closing in on settling a dispute over developing the joint Aphrodite-Yishai gas field, most of which is located in Cypriot waters, only a little on Israel’s side.

The disagreement has been going on for nearly a decade but the site Al-Monitor said that “significant progress” had been made, with most of the outstanding issues now settled.

An Israeli diplomatic source not named told the site that part of the deal includes selling Israel’s concession to its part of the reservoir to companies that hold the franchise on the Cypriot side, no amounts given.

That would see Israel agree to the demand of the Cypriot companies to acquire all the rights to the field, an insistence by companies on Israel’s side to be included turned down, it was said of the terms being settled on.