Lebanon Parliament Approves EEZ with Cyprus - Report
Lebanon's Parliament has approved a draft law which lays out maritime borders between Cyprus and Lebanon, says a report in the Daily Star. The agreement follows last year's deal on maritime borders between Cyprus and Israel.
Both countries are in the process of exploiting undersea gas and oil reserves, and Lebanon is eager to start extracting its own resources.
A maritime border dispute between Israel and Lebanon has not been settled however. Lebanon claims that Israel's proposed Exclusive Economic Zone trespasses 854 square kilometers into Lebanon's territory, says the report.
In Cyprus, Noble Energy is set to start drilling for undersea hydrocarbon reserves by October 1st.