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Cyprus, Lebanon agree to boost oil, gas cooperation

BEIRUT -- Cyprus and Lebanon agreed to boost cooperation and look into ways to explore gas and oil in their waters, President Michel Sleiman said.

“We have given the issue of the gas and oil available in our water top priority and agreed to increase cooperation to agree on principles and sound means that would allow us to extract this resource,” Sleiman said during a joint news conference with Cypriot President Demetris Christofias.

The Cypriot official’s visit is aimed at discussing the demarcation of maritime borders in an attempt to reach an agreement over the Exclusive Economic Zone between Cyprus, Lebanon and Israel.

Beirut and Tel Aviv both lay claim to a disputed area that spans some 850 sq km area off the coast between the two countries.

Cyprus has signed delineation agreements with Israel, Egypt and Lebanon but the latter deal is still on hold. The country also announced its first licensing round.


 

01/29/2013

 

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