Israel said it reached “an historical agreement” with Lebanon after both sides approved the latest draft of a US-brokered deal that settles a maritime border dispute in a gas-rich part of the Mediterranean Sea.
The accord could pave the way for both countries to ramp up offshore gas production, including Israeli exports to Europe, which is desperate for more supplies after Russia cut flows after invading Ukraine. Israeli Prime Minister Yair Lapid said in a statement that the agreement will “inject billions into Israel’s economy,” while a tweet from the Lebanese president’s office said that it “preserves its rights to its natural wealth”.
US President Joe Biden spoke with Lapid and Lebanese President Michel Aoun on Tuesday (US time), and both leaders signalled their willingness to end the dispute and push forward with implementation of the agreement, a senior US official said. The US believes that natural gas could quickly flow to Lebanon if implemented under its current terms, according to the official, who briefed reporters on the deal on the condition of anonymity.
“Energy—particularly in the Eastern Mediterranean—should serve as the tool for cooperation, stability, security, and prosperity, not for conflict,” Biden said in a statement. “The agreement announced by both governments today will provide for the development of energy fields for the benefit of both countries, setting the stage for a more stable and prosperous region, and harnessing vital new energy resources for the world.”
Read the article by Gwen Ackerman and Omar Tamo in The Sydney Morning Herald.