Lebanon, Cyprus finalize maritime deal for energy exploration
Agreement opens doors for joint offshore gas and oil projects, aiming to boost revenues and economic recovery in Lebanon
BEIRUT/NICOSIA (MNTV) — Lebanon and Cyprus signed a long-awaited maritime demarcation agreement on Wednesday, clearing the way for potential offshore energy exploration and closer cooperation in the eastern Mediterranean.
The deal was signed by Lebanese President Joseph Aoun and Cypriot President Nikos Christodoulides at Lebanon’s presidential palace in Baabda.
Leaders said the agreement signals strengthened collaboration between Lebanon, Cyprus, and the broader European Union.
“This is a historic agreement resolving a long-standing issue, and we now look forward to joint opportunities for our countries,” Christodoulides said.
The two nations had first mapped out their maritime zones in 2007, but ratification by the Lebanese parliament faced delays.
Lebanese Energy Minister Joseph Saddi visited Cyprus last month to discuss energy collaboration, following cabinet approval of the finalized sea-border deal.
Lebanon previously settled maritime boundaries with Israel in 2022 under a U.S.-brokered agreement.
Syria remains the only neighboring country with which Lebanon has yet to delineate its maritime border.
Officials hope that offshore gas and oil discoveries will generate significant state revenues and stimulate economic activity, helping to address the financial collapse of 2019 and chronic electricity shortages.
To date, Lebanon has not reported any commercially viable finds in its offshore blocks.
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