According to Israel, Lebanon and Israel have reached an agreement on their maritime boundary.
The US ambassador has been making indirect connections in order to close the agreement.
Lebanon and Israel share a conflicting history.
The agreement would enable for energy development and would remove a source of conflict.
BEIRUT/JERUSALEM: Following years of US-mediated discussions, Lebanon and Israel have struck a historic accord demarcarating a disputed maritime boundary, Israeli Prime Minister Yair Lapid said on Tuesday.
While limited in scale, an agreement would represent a substantial concession between governments with a history of conflict and animosity, paving the door for offshore oil development and alleviating one of the sources of current tensions.
“This is a historic accomplishment that will improve Israel’s security, infuse billions of dollars into the Israeli economy, and maintain the stability of our northern border,” Lapid said in a statement.
In Lebanon, President Michel Aoun said the final US proposal’s provisions were favourable and that he hoped the agreement would be publicised as soon as feasible.
The deal is designed to settle a territorial issue in the eastern Mediterranean Sea, where Lebanon intends to explore for natural gas. Israel is already generating natural gas in adjacent areas.
It creates for the first time a border between Lebanese and Israeli seas, as well as a mechanism for both nations to receive royalties from an offshore gas resource that straddles the line.
The deal does not address their shared land boundary.
According to Lebanese negotiator Elias Bou Saab, the current draught “takes into account all of Lebanon’s needs, and we think that the other side should feel the same.”
According to two officials, it was also supported by the highly armed, Iran-backed Lebanese militia Hezbollah, which has previously vowed to strike Israeli gas infrastructure.
A top Lebanese government official and a Hezbollah official stated the group had agreed to the conditions of the agreement and deemed the discussions “finished.” Hezbollah has yet to respond officially.
While Israel has made strides in natural gas production and export, Lebanon’s ambitions have been hindered by political instability.
A gas discovery would be a huge boost for Lebanon, which has been embroiled in a financial crisis since 2019, and might solve the country’s long-standing inability to provide enough power for its people.
Lapid, who faces an election on Nov. 1, expects to seek agreement for the arrangement from his security cabinet and then the government on Wednesday before it is approved by parliament. According to an Israeli source, final clearance is likely within the next three weeks.
The deal was described as a “win-win scenario” by the Institute for National Security Studies at Tel Aviv University.
According to the report, “an agreement between Israel and Lebanon would signify a significant positive shift in ties between the two nations… and it may open the door to other adjustments in their future relationship.”
