The neighbours, who are still officially at war, would be able to use the Mediterranean Sea’s underground natural gas fields if an agreement was reached.
Israeli Prime Minister Yair Lapid promised to boost the country’s economy and increase security.
President of Lebanon Michel Aoun deemed the terms to be “satisfactory.”
The pact, which covers a triangle of the Mediterranean measuring 860 sq km (330 sq miles), has not been made public.
However, according to reports, Israel would control the Karish gas field as well as a small portion of the potential Qana gas field.
Lebanon would be in charge of the other portions of Qana and be responsible for paying Israel royalties for any gas extracted from the Israeli side.
President Joe Biden commended the leaders of Israel and Lebanon on moving forward with the agreement to establish a permanent maritime boundary, the White House announced on Monday.
According to a statement by Vice President Biden, “the agreement… would provide for the development of energy fields for the benefit of both countries, laying the groundwork for a more peaceful and prosperous region, and harnessing vital new energy resources for the world.”
“It is now critical that all parties uphold their commitments and work towards implementation.”
“This is a historic achievement that will strengthen Israel’s security, inject billions into Israel’s economy, and ensure the stability of our northern border,” Israeli Prime Minister Amir Lapid declared.
On Wednesday, he will call a meeting of Israel’s security cabinet before presenting the accord to the government for approval. Parliament will then be informed about it.
Israel’s proposal to export gas to the European Union as the EU looks for alternatives to Russian energy includes production from the Karish gas field.
Najib Mikati, Mr. Lapid’s equivalent in Lebanon, reported “full agreement on the English draft” and anticipated announcing on Wednesday after President Aoun had read the Arabic translation. Although production may be years away, Lebanon is in severe economic distress and is hoping to locate major gas deposits in the Qana field.
The head of Hezbollah, a militant organisation sponsored by Iran that launched an attack on Israel in 2006, declared that if the president approved the agreement, “then for us… things are settled.” Hezbollah launched three unarmed drones at an Israeli-licensed industrial vessel that was sent to float above Karish in July. Israel, which said that “the price will be Lebanon,” shot them down.
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