Israel said it had reached a “historic agreement” with Lebanon after the two sides agreed on the latest draft of a US-brokered agreement to settle a maritime border dispute in a gas-rich part of the Mediterranean.
The agreement could pave the way for both countries to increase production of offshore gas, including Israeli exports to Europe, which is in dire need of more supplies after Russia cut flows after the invasion of Ukraine. Israeli Prime Minister Yair Lapid said in a statement that the agreement “will inject billions into the Israeli economy,” while a tweet from the Lebanese president’s office said it “preserves its rights to its natural wealth.”
Israel’s offshore Leviathan gas field in the Mediterranean.attributed to him:AP
US President Joe Biden spoke with Lapid and Lebanese President Michel Aoun on Tuesday (US time), and the two leaders expressed their desire to end the conflict and move forward with implementation of the agreement, a senior US official said. The United States believes that natural gas could flow quickly to Lebanon if it is implemented on its current terms, according to the official, who briefed reporters on the deal on condition of anonymity.
“Energy – especially in the eastern Mediterranean – should be a tool for cooperation, stability, security, and prosperity, not conflict,” Biden said in a statement. “The agreement announced by the two governments today will provide for the development of energy fields for the benefit of both countries, paving the way for a more stable and prosperous region, and harnessing the world’s vital new energy resources.”
Under the deal, Israel should be able to start extracting natural gas from the offshore Karish field, without threats of attacks by Hezbollah, the Iranian-sponsored Lebanese armed group. It will also ensure that Lebanon, through a consortium led by TotalEnergies SE, can begin exploration of the Qana field, and pay a fee for exploration in the sections located in Israeli territory.
Lebanon’s energy minister said he would meet with representatives of Total Energy on Tuesday. The Israeli Prime Minister’s Office said that the Israeli cabinet, made up of selected ministers, will hold a meeting on Wednesday to discuss the agreement, followed by a special cabinet meeting.
Israel said gas production from Karish in the eastern Mediterranean would enable it to increase exports, including to Europe. Fuel prices have risen this year since the Russian invasion of Ukraine. A company spokesperson said that London-listed Energean Plc, which is set to operate in Karish, plans to start production within the next few weeks.
The deal was a major goal of the United States in the Middle East. Amos Hochstein, Biden’s senior adviser on global energy security, has traveled to Lebanon and Israel several times to persuade the two countries to reach an agreement.
The talks were complicated by the fact that Lebanon does not officially recognize Israel. The arrival of the Karish FPSO in June angered many Lebanese politicians and Hezbollah. A few weeks later, Israel said it had intercepted three enemy drones from Lebanon flying in the direction of the drilling rig.
Originally published at Melbourne News Vine
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