Israel and Lebanon have reached a historic deal that will pave the way for rich gas exploration
Israel and Lebanon have reached a historic agreement, the leaders of each party announced separately on Tuesday, that resolves a years-long maritime border dispute affecting important oil and gas fields in the Mediterranean Sea.
“The final version of the offer is satisfactory to Lebanon and meets its demands and protects Lebanon’s rights to this natural wealth,” Lebanese President Michel Aoun said in a statement hours after receiving Israel’s final offer through US mediator Amos Hochstein.
Aoun said he hoped the deal would 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.”
Lapid said the draft agreement complies with all economic and security principles established by Israel.
The Israeli prime minister will convene the defense cabinet on Wednesday, which will be followed by a special government meeting, he said.
The disputed area includes the Karish oil and gas field and an area known as the Qanaa prospect, which are expected to fall in Israeli and Lebanese waters respectively under the agreement. Israel said it would immediately begin exporting oil and gas from Karish to Europe.
This Tuesday, Lebanese Energy Minister Walid Fayyad said French energy company Total, the owner of the contract to explore Lebanese waters, would “immediately” begin work on the Qanaa prospect.
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