Israel and Lebanon reach agreement over gas reserves in the Mediterranean
PBS NewsHourFEB 26 2023
Ending a long-running maritime border dispute, Israel and Lebanon officially signed a US-brokered agreement on Thursday, opening up the possibility for both countries to conduct offshore energy exploration.
Given the tensions between the two countries, there was no joint signing ceremony. Lebanese Pres. Michel Aoun signed an approval letter — witnessed by the US official who liaised the deal — while Israeli PM Yair Lapid signed separately in Jerusalem.
The deal settles territorial disputes over around 330 square miles of water, including the disputed gas field Karish and the prospective gas field Qana. Israel was given full rights to Karish, while Qana will go to Lebanon.
This is truly a win for both sides, as Israel will be protecting its border security, and Lebanon will be able to grow its natural gas production at a time of economic desperation. What's most extraordinary about the US-brokered deal — which attests to the US's strong relationship with Israel — is that both countries will be able to pursue their interests without violence between Israel and Hezbollah.
This deal is not necessarily a win-win for both countries, as no one knows yet whether the fields on Lebanon's side of the border contain commercially viable sources of oil. Even if Lebanon does eventually strike oil, it will take years of political and economic reform for the country to profit, which will help no one during the current energy crisis.