Historic Maritime Deal Sets Stage for Mediterranean Energy Exploration

Lebanon and Cyprus have signed a significant maritime demarcation agreement that could lead to offshore gas exploration and improved energy cooperation in the Mediterranean. This deal marks the conclusion of a long-standing issue and anticipates enhanced partnerships between Lebanon, Cyprus, and the EU.

In a landmark development, Lebanon and Cyprus have finalized a maritime demarcation agreement, potentially opening doors for offshore energy exploration in the Mediterranean. The deal, signed on Wednesday by Lebanese President Joseph Aoun and Cypriot President Nikos Christodoulides, was hailed as a signal of strengthened cooperation between the two nations and the European Union.

The agreement, initially mapped out in 2007, had faced delays due to Lebanon's parliamentary ratification process. Last month, Lebanese Energy Minister Joseph Saddi visited Cyprus to discuss energy collaboration, following the Lebanese cabinet's approval of the maritime boundary definition.

This new accord with Cyprus follows Lebanon's 2022 maritime agreement with Israel, leaving Syria as the remaining neighbor with undelineated sea borders. The Lebanese government is hopeful that future offshore gas and oil discoveries will revitalize its economy, which has been struggling since a financial crisis in 2019.

(With inputs from agencies.)