Lebanon ready to work with Cyprus on potential offshore gas

NICOSIA, Cyprus — Lebanon is able to work with Cyprus to use potential fuel deposits in waters between the 2 east Mediterranean international locations, Lebanon’s high diplomat stated Friday, although a deal on offshore rights hasn’t been formally finalized.

Cyprus and Lebanon signed an settlement delineating their respective offshore unique financial zones in 2007, however the Lebanese parliament has but to ratify it amid the nation’s ongoing maritime border dispute with Israel.

However, Lebanese International Minister Abdallah Bou Habib stated after talks along with his Cypriot counterpart in Nicosia that “with Cyprus there’s no downside, as soon as we discovered fuel we’re able to go, put it collectively.”

“We talked about it and I can guarantee you that Lebanon is able to do it,” Bou Habib stated.

The Lebanese high diplomat’s remarks come as Europe is looking for new power sources to wean itself off Russian fuel within the wake of Russia’s invasion of Ukraine.

Cyprus has issued exploration drilling licenses to ExxonMobil and accomplice Qatar Petroleum, a consortium made up of French power firm Whole and Italy’s Eni, in addition to Chevron and accomplice Shell, to most of its 13 segments in its unique financial zone off its southern coast.

To the north, Cyprus faces an intense problem from Turkey which claims a lot of the island’s EEZ as its personal and has despatched warship-escorted survey ships into the realm — incomes condemnation from the European Union, of which Cyprus is a member.

Cyprus was cut up alongside ethnic traces in 1974 when Turkey invaded following a coup by supporters of union with Greece. The breakaway Turkish Cypriot north is barely acknowledged by Turkey.

Lebanon’s Bou Habib stated a U.S. written mediation proposal submitted earlier this yr that geared toward resolving the Lebanese-Israeli dispute, whereas significantly better than earlier makes an attempt, is “not sufficient but.”

He stated each Lebanon’s authorities and its lawmakers are “all in settlement” on what they search from a cope with Israel.

“Due to this fact the response to the Individuals hopefully can be quickly and it could be one response,” Bou Habib stated.

Any discoveries inside Lebanon’s personal financial zone can be a long-term boon for the crisis-hit nation’s beleaguered financial system.

Lebanon’s financial disaster has been described by the World Financial institution as one of many world’s worst because the 1850s. Tens of 1000’s of individuals have misplaced their jobs since October 2019 and the Lebanese pound misplaced greater than 90% of its worth.