Netanyahu: The boys were kidnapped by Hamas
Even if the UN were to adopt the Lebanese version of the maritime border, there would be no serious harm to Israel's exploration licenses.
To judge from the main headline in one of this morning's newspapers, Lebanon is about to seize Israel's natural resources worth billions of dollars with the unexpected support of the US.
But reality contrasts starkly with such panic inducing headlines, and is as far from the truth as Cyprus is from Israel. The reality is so far from the media headlines that even the volatile Tel Aviv Stock Exchange accepted the new-old threat to the licenses of Ytizhak Tshuva and his partners with apathy.
The proposed maritime border that was approved by the cabinet today was prepared by the Israel Mapping Center in consultation with jurists familiar with maritime law. The route of the border has been presented by the legal department at the ministry of foreign affairs to US diplomats that visited the region on several occasions. The route that the border follows is now being submitted to the UN, about a year after Lebanon submitted its interpretation of the sea border route between the two countries. The decision on the matter will be taken by an arbitration body appointed by the UN, and not the US.
However, the entire story has been taken out of all proportion. Even if the UN were to adopt the Lebanese version of the maritime border, there would be no serious harm to Israel's exploration licenses in the region.
A professional Israeli source that examined the border route under contention said that it involved the northern extremes of the Alon and Ruth licenses, in the northern part of Israel's licenses region. As far as is known, in these areas there are several structures that might contain gas or oil, but these structures are relatively small, and are not top of the agenda of Noble Energy Inc. (NYSE: NBL) and Delek Group Ltd. (TASE: DLEKG) who own the licenses.
The only fallout from moving the Israel Lebanon maritime border south would thus be in the Ruth and Alon gas and oil fields, if there are discoveries in these licenses, and if they spill over the border into Lebanon. If that is the case then development of these fields, which are far from the top of the agenda, would be delayed.
Published by Globes, Israel business news - www.globes-online.com - on July 10, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments
Prime Minister Benjamin Netanyahu threatens "dire consequences" following the kidnapping.
Questions over police response to kidnapping
Hours passed before a search operation was launched. Netanyahu holds Palestinians responsible.
Netanyahu bought furniture at public expense - report
"Yediot Ahronot": Attorney General is investigating if Netanyahu family bought furniture for its Caesarea private home.
Binyamin Ben-Eliezer questioned by police again
Ben-Eliezer's son Yariv is also suspected of receiving money from Avraham Nanikashvili.
Reuven Rivlin elected president
Rivlin defeated Meir Sheetrit 63:53 in the second round vote in the Knesset.
Meir Sheetrit discloses owning five homes
The Presidential candidate has bowed to public pressure and declared his assets.
Police find $600,000 cash in Ben-Eliezer's bank
The source of the money found in Binyamin Ben-Eliezer's safety deposit box is unclear.
Presidential candidate Ruby Rivlin discloses assets
Dalia Dorner also disclosed her wealth, but Meir Sheetrit refused.
Dalia Itzik bought Tel Aviv home for NIS 4.6m last year
The Presidential candidate and former Knesset Speaker also owns two apartments in Jerusalem.
The venture capitalist who wants to transform Israel
Labor MK Erel Margalit tells "Globes" about his plans to improve the Start-Up Nation.
Combat cameramen disprove Palestinian propaganda
A unit of highly trained combat soldiers uses cameras to document military operations.
Truth is proving stranger than folktale as Turkey's spins out of Prime Minister Erdogan's control.
Prof. Zvi Eckstein supports NIS 3.30-3.40/$ floor rate
The former deputy Bank of Israel Governor is the first senior figure from the financial system to advocate a floor rate.
2014 will be year of change
Forces reshaping the Middle East are coming to a head, with Russia taking a close interest, and the West seemingly indifferent.
Gains and losses for Middle East secularists
Recent developments in Egypt, Syria and Turkey have clarified some issues, and obfuscated others.
Developing robots for warfare
Israeli research sees the future battlefield dominated by robots and unmanned devices.
Geneva changes Middle East strategic map
As the consequences of the nuclear agreement with Iran emerge, regional powers are scrambling to adapt.
Egypt has no time to lose
Unless economic reforms are introduced quickly, the country is liable to relapse into Islamic extremism.
Strange goings on in Turkey
Two recent decisions by Turkish prime minister Erdoğan make it look as though he is losing his grip.
See you in six months, Rouhani
Israel may look isolated over the nuclear deal with Iran, but the cards could yet fall its way.
China is changing
The Third Plenum of the Communist Party of the Peoples' Republic of China marks a turning-point in all areas of Chinese life - with consequences for Israel.
French gov't proposes building 2 Tel Aviv light rail lines
The Green Line from Herzliya to Holon and the Purple Line from Kiryat Ono to Tel Aviv would cost NIS 30 billion to build.
Israel's factious coalition looks wobbly on Iran
Besides US opposition, the state of Israel's government makes an attack on Iran unlikely.
Budget cuts threaten 10,000 defense industry jobs
Senior executives warn many factories are in danger of closing due to the drying up of defense ministry's orders.