Signing a maritime demarcation agreement between Lebanon and Cyprus opens the door to possible energy exploration

On Wednesday, Lebanon and Cyprus signed the long-awaited maritime delimitation agreement. This will pave the way for the exploration of gas fields offshore and the energy cooperation in Mediterranean.

The agreement was signed at Lebanon's Presidential Palace by the Lebanese president Joseph Aoun, and the Cypriot president Nikos Christodoulides. Both leaders told reporters that the signing would indicate a deeper level of cooperation between Lebanon and EU-member Cyprus.

Christodoulides stated, "This agreement is historic. It resolves a long-standing issue and we can now look forward to the future that our countries will create together."

Cyprus and Lebanon reached an agreement in 2007 to map out their maritime offshore zones, but the Lebanese Parliament has not yet ratified it.

Lebanese energy minister Joseph Saddi visited Cyprus in the last month to discuss cooperation on energy after the Lebanese Cabinet approved a deal that defined the sea borders between the two countries.

A deal brokered by the United States will see Israel and Lebanon delineate their maritime boundaries in 2022.

After Wednesday's agreement, Lebanon still has to define its maritime border with Syria.

Lebanon hopes that offshore oil and gas discoveries will help to generate state revenue and economic activity in order to reverse the 2019 financial collapse which worsened the long-standing power shortages.

In the offshore blocks of Lebanon, there have not yet been any commercially viable discoveries. Reporting by Ahmed Elimam and Michele Kambas. (Editing by Alex Richardson, Mark Potter and Mark Potter.)

(source: Reuters)