Cyprus' energy minister said on Monday that Cyprus and Israel are working on an agreement to build a pipeline that transfers natural gas from the two countries to the island state located in the eastern Mediterranean, where it will be liquefied for export by ship to Europe and possibly elsewhere.

The minister, Giorgos Papanastasiou, said today Monday that he will visit Israel soon to reach an official agreement in this regard.

He explained that once the deal is signed, the pipeline can be completed within 18 months.

Building a gas liquefaction plant in Cyprus will take two and a half years once investors are secured.

So far, five large gas fields have been discovered off the southern coast of Cyprus, and Israel has 11 such fields: the largest, called Leviathan, is estimated to contain about 22 trillion cubic feet (623 billion cubic meters) of gas.

On the other hand, Papanastasiou said he will meet later this month with licensed energy companies exploring for oil and gas within Cyprus's exclusive economic zone - including the French company Total, the Italian Eni, ExxonMobil, and Chevron - to identify ways to cooperate on projects that would accelerate gas acquisition.

The minister said Israel agreed to the proposal submitted by the Cypriot government regarding the pipeline and liquefaction plant, which was unveiled by Israeli Prime Minister Benjamin Netanyahu on Sunday, since the eastern Mediterranean has sufficient gas deposits.

Papanastasiou told reporters that most of them are within Israel's exclusive economic zone, but Cyprus also has sufficient quantities to make this project viable.

The minister explained that this project is a scaled-down version of the East Med pipeline idea.

This proposal - for a 1900-kilometer (1300-mile) pipeline worth $6 billion designed to transport regional gas directly to Europe - has become less favored in recent years.

He clarified that instead of direct connection by pipeline to Europe, processed gas from Cyprus can reach international markets by ships.

Papanastasiou said: "When you have liquefied natural gas, it can go in any direction ... Europe needs it more now, but markets can also be found in Asia."

In December, the previous Cypriot government said it was studying a similar proposal where the Russian war in Ukraine worsened the energy crisis, according to the Associated Press.

Papanastasiou said Cypriot and Israeli authorities will need a few more months to negotiate a separate agreement on the amount of gas from the Cypriot Aphrodite field that falls within adjacent Israeli waters.

The minister said that a proposal for a pipeline to transfer Cypriot and Egyptian gas to liquefaction plans in Egypt for export remains separate from the Israeli-Cypriot plan.