Lebanon strikes deal with Israel on maritime border dispute involving major oil and gas fields

Israel and Lebanon have reached an agreement to settle a years-long maritime border dispute involving major oil and gas fields in the Mediterranean.

Details of the agreement were confirmed by leaders on each side on Tuesday.

The US has been trying to broker a deal between the countries over the 860-square-kilometre area of the sea that has been under dispute for years.

The Karish oil and gas field and a region known as the Qanaa prospect are expected to fall into Israeli and Lebanese waters respectively under the deal.

Israel has said it would begin extracting oil and gas from Karish and exporting it to Europe imminently.

Hours after receiving Israel’s final offer through US mediator Amos Hochstein, Lebanon’s President Michel Aoun said in a statement: “The final version of the offer is satisfactory to Lebanon and meets its demands and preserved Lebanon’s rights of this natural wealth.”

Aoun expressed the hope the agreement, which is yet to be signed, will be announced “as soon as possible.” 

On the other hand, Israeli Prime Minister Yair Lapid said: “This is an historic achievement that will strengthen Israel’s security, inject billions into Israel’s economy and ensure the stability of our northern border.” 

The draft agreement meets all the security and economic principles laid out by Israel, Lapid said.

Lapid will convene the security cabinet on Wednesday followed by a special meeting of the government, he said.

However, Lebanese officials have clarified the deal does not mean any “treaty” will be signed with Israel and this agreement is not a step toward normalization of relations between the two countries, which are technically at war.