Israel recently rejected a compromise proposal put forward by the US on the dispute with Lebanon over the borders of its exclusive economic zone (EEZ), sources inform "Globes."
The continuation of the dispute will delay development of Lebanon's Block 9. The Lebanese exploration area that is north of Israel's Alon license is likely to contain gas reserves similar in scale to Israel's Tamar gas field.
Lebanon complained to the United Nations in 2010 that the border of Israel's EEZ encroaches on its own EEZ. Israel submitted its interpretation to the UN in 2011 and the US asked to mediate between the sides in an attempt to reach a compromise.
The disputed area covers 850 square kilometers. The triangular region has its apex near Rosh Hanikra and its base along the borders with Israel and Cyprus's EEZs. The agreement signed between Israel and Cyprus in December 2010 supports Israel's interpretation. A similar agreement signed between Cyprus and Lebanon was not ratified by the Lebanese parliament.
"Globes" recently revealed that Lebanon has already published oil exploration tenders for its waters in which the southern license border markings for Block 9 are in line with the Lebanese version of where the border should be.
In response the Ministry of Foreign Affairs told "Globes," "We do not comment on the matter due to its sensitivity."
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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