Israel and Lebanon reach historic agreement that paves the way for rich gas exploration
A group of people walk along the beach as a navy ship patrols the Mediterranean waters off Rosh Hanikra, known in Lebanon as Ras al-Naqura, on the Israeli side of the border between the two countries, on Oct. 7.
Israel and Lebanon have reached a historic agreement, the leaders of each party declared separately on Tuesday, that resolves a years-old maritime border dispute that affects important oil and gas fields in the Mediterranean.
“The final version of the offer is satisfactory to Lebanon and meets its demands and preserves Lebanon’s rights to this natural wealth,” Lebanese President Michel Aoun said in a statement hours following receiving Israel’s final offer to through the American mediator Amos Hochstein.
Aoun said he hopes the deal will be announced “as soon as possible.”
Israeli Prime Minister Yair Lapid said: “This is a historic achievement that will strengthen Israel’s security, inject billions into the Israeli economy and ensure the stability of our northern border.”
The draft agreement complies with all the economic and security principles established by Israel, Lapid said.
The Israeli prime minister will convene the security cabinet on Wednesday, followed by a special government meeting, he said.
The disputed area includes the Karish oil and gas field and a region known as the Qanaa prospect, which are expected to fall into Israeli and Lebanese waters respectively under the agreement. Israel said it will begin extracting oil and gas from Karish and exporting it to Europe imminently.
This Tuesday, the Lebanese Minister of Energy, Walid Fayyad, also said that the French energy company Total, owner of the contract to explore Lebanese waters, would start work on the Qanaa prospection “immediately”.
