Here’s what we know about the deal:
Negotiations between technically warring neighboring countries had suffered repeated setbacks since their launch in 2020.
But they have gained momentum in recent weeks, with revenues from both sides of potentially wealthy Mediterranean fuel fields.
Lebanon, which is going through a deep currency crisis but relies only on fuel to get ahead, and Israel said they had agreed this week on the terms of the U. S. -brokered deal.
The text of the agreement sent to the two countries through US mediator Amos Hochstein says it “establishes a permanent and just solution to their maritime dispute,” according to a copy notified via AFP.
It will take effect as soon as the United States sends a statement confirming it obtained its separate approvals from Lebanon and Israel, the deal says.
Lebanon and Israel will then register the coordinates of the maritime border with the United Nations, canceling the countries’ 2011 submissions.
According to the agreed coordinates, Israel has complete and undisputed rights to the Karish fuel field, which is expected to start producing fuel in a few weeks.
Lebanon will have full rights to exploit and explore the so-called Qana or Sidon reservoir, parts of which are in Israel’s territorial waters.
But “Israel will be remunerated” through the company that operates Qana “for its rights to imaginable deposits,” according to the text of the agreement.
Israeli critics of the deal, the conservative Kohelet Policy Forum, challenged Qana’s provision in court, not an easy national referendum before Israel surrenders “sovereign territory. “
Israel’s remuneration will be decided through separate talks between the Jewish state and the power company that operates Qana, located in Lebanon’s Block 9.
“Israel and the operator of Block Nine will sign a monetary agreement prior to the final investment resolution of the operator of Block Nine,” the agreement says.
Israeli Prime Minister Yair Lapid said Wednesday that Israel “will get about 17% of the revenue from the Lebanese Qana-Sidon fuel box, as long as it opens it. “
French utility TotalEnergies has obtained a license to explore the field.
The U. S. -brokered deal The US states that Israel will have to work prudently to ensure that its agreement with the Block 9 operator is reached “in a timely manner. “
Nor will it oppose or take any action that “unduly” delays the Qana reservoir.
But power expert Suhail Shatila called the currency deal a “dangerous” prerequisite.
“Israel has the right to prevent any progression in Qana because it is not easy for the monetary agreement with Total to be finalized first,” he said.
“This means that if they don’t need Lebanon to extract gas, they have a window to this border agreement. “
Energy finance professional Mike Azar said the deal solved major economic problems similar to the distribution of hydrocarbon benefits, but postponed them to a later date.
“Lebanon’s ability to explore and expand Qana’s perspective is based on Israeli approvals and a long-term monetary agreement between Total and Israel,” Azar said.
“In the short term, this deal is more successful for Israel because fuel production from its Karish box may imminently start any mess on the Lebanese side. “
A seismic survey carried out in 2012 on a limited offshore company through the British company Spectrum estimated recoverable fuel reserves in Lebanon at 25. 4 trillion cubic feet.
The Lebanese government has announced higher estimates.
No fuel reserves are shown at Qana Reservoir.
An agreement on the maritime boundary will allow TotalEnergies and Italian energy giant Eni to launch exploration.
“The ultimate scenario” is the discovery of fuel reserves of 16 trillion cubic feet, according to the monetary model through Lebanon’s Oil and Gas Initiative, an independent NGO.
“Lebanon’s profit will be about $6 billion over a 15-year period,” if that ideal amount is found, said Diana Kaissy, a member of LOGI’s advisory board.
This is even a fraction of Lebanon’s multibillion-dollar debt.