OPINION: Lebanon has 95.9 trillion cubic feet of gas and 865 million barrels of oil and its neighbours are watching with interest.
Lebanon has 95.9 trillion cubic feet of gas and 865 million barrels of oil in just 45 percent of its economic waters; enough to ignite the closed Mediterranean region.
While Lebanon signed its first oil and gas exploration and exploration agreements in February 2018, this small country strives to solve the problems it faces in demarcating its maritime border which will have a direct impact on the extraction process if a solution is found quickly. Then, between Turkish Cypriots and Greek Cypriots on the one hand and the Cyprus-Israel agreement on the other, the letter sent by the Lebanese foreign minister on June 20 2011 to the secretary-general of the United Nations stated: "The point is not the southern end of the middle line between the Lebanese Republic and the Republic of Cyprus”. It is only a midline between Lebanon and Cyprus.
The situation with Syria is silent, postponed for a while. The Cypriot problem between Turkey, on behalf of the Turkish Cypriot State, and Greek Cyprus means negotiations are problematic and Lebanon has no interest in intervening. Lebanon and Greek Cyprus need to conduct informal negotiations with the Turkish side taking into consideration its interests. However, it is Israel that still remains the main issue in this complicated international negotiation over oil and gas rights.
The line is a confirmation of the need to limit the conflict in the diplomatic sphere, away from any escalation of security or military, but the exclusion of a security solution should not mean the waiving of Lebanon’s rights, which enjoy international legitimacy. Finally, within the framework of international arbitration based on the will of the parties in the dispute, there must be prior or subsequent agreements to the date, in which the parties to the dispute agree to refer to arbitration. The procedural organisation of the arbitral tribunal and the execution of its judgments are subject to the agreement of the parties to the dispute, which is difficult between Lebanon and Israel.
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