Lebanon reportedly drops claims on Karish gas field

Lebanon gas exploration, photo: Reuters
Lebanon gas exploration, photo: Reuters

President Michel Aoun has agreed to return to Lebanon's original claim that the maritime border with Israel runs on Line 23, splitting the Sidon-Qana field, sources inform "Globes."

The dispute between Israel and Lebanon over the border of their economic waters is moving towards a decisive point. Lebanon's President Michel Aoun has met with US mediator Amos Hochstein, the special envoy of US President Joe Biden, and presented his country's position which includes a compromise. The proposal has been passed onto Israel, sources close to the matter have told "Globes."

According to one report, Aoun did not submit any written proposal to Hochstein but rather told him the details in a person-to-person meeting out of concern that the compromise would be leaked to Hezbollah. Aoun understands that the Shiite militant group sees the gas issue as a major story that can divert attention away from the criticism against while presenting itself as the defender of the country against "Israeli attempts to conquer Lebanese gas."

Senior Hezbollah figure threatens to launch missiles on Israel

Hezbollah recently raised the level of alert of their naval forces and their spokespeople have been making more extreme statements. Senior Hezbollah official Nabil Kauk said, "Missiles of resistance can harm Israel's strategic installations." He even went further and blamed the US for Lebanon's current situation. The position of the Americans is the biggest obstacle on the way to saving Lebanon and halting its collapse."

In contrast to Hezbollah's position, "Globes" has been informed by US sources and others involved in the mediation attempts that the Lebanese President's proposal, mainly involves the gas field stretching into Lebanon's economic waters, through the triangular area of sea in dispute, and into Israel's waters.

Aoun's aim is to ensure that Lebanon will receive most of the profits from producing gas in that field," sources say. The original Lebanese name of that field was Sidon but it was changed to Qana as a sign of defiance to Israel. The sources say that Lebanon would be ready to reach an agreement based on Line 23 originally presented to the UN and retreat from Line 29, which it has been demanding in negotiations since December 2020.

"Globes" has already revealed that Hochstein had made his return to Beirut to continue mediation contingent on the Lebanese accepting the original Line 23 that they had proposed in negotiations with Israel. Aoun made it clear that Lebanon would not raise any claims on the Karish field, if Israel accepts Lebanon's demands regarding Sidon-Qana. One option that has been raised is the management of drilling and production from the field by an international body, after principles have been set for the division between Israel and Lebanon and marking the border.

Aoun's proposal has been passed on to Israel and is currently being discussed by various authorities. Hochstein, according to reports, expects to be able to return to Lebanon at the start of July with Israel's response.

The dispute with Israel prevents companies from exploring for gas in Lebanon

Former Minister of National Infrastructures, Energy and Water Resources told "Globes" that it is not possible to rely on Lebanon's proposals because no senior figures have kept their word in the past and retreated from compromise agreements reached in 2012.

Steinitz adds that Israel's position on Line 1 to mark the border of the economic waters was set according to an agreement with Lebanon and Cyprus less than 20 years ago, and was adopted by Israel. Only later when Israel began to develop the gas fields did the Lebanese decided on Line 23, claiming that the previous line was a mistake. But Steinitz said that Israel can afford to be flexible because for Beirut "not developing the gas fields would be a tragedy," and the dispute with Israel has lede to a halt in all drilling in Lebanese economic waters.

For the time being, those in Aoun's entourage are keeping their options open and generating deliberate leaks about Lebanon's rigid negotiating position. One such leak claimed that Aoun was demanding that the Sidon-Qana field would be exclusively Lebanon's, in exchange for agreeing that Israel can produce gas from the Karish field. Another Lebanese demand is that Israel will not start producing gas from the Karish field in September while Lebanon has not begun drilling the Sidon-Qana field. One major problem is that it is not yet clear whether the Sidon-Qana field is even big enough to justify production.

Israeli gas might reach Lebanon via Egypt

Meanwhile, Lebanon and Egypt are expected to sign an agreement this week for gas supply via a pipeline through Jordan and Syria, which will fuel a power station in Lebanon to help with the severe energy crisis that the country is trying to cope with. Most parts of Lebanon only have two hours of electricity per day with hospitals and hotels using generators. The deal is interesting because Egypt buys gas from Israel, so that it is possible that the same gas could find its way to Lebanon.

Published by Globes, Israel business news - en.globes.co.il - on June 20, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022. .

Lebanon gas exploration, photo: Reuters
Lebanon gas exploration, photo: Reuters
Forbes Rich List credit: Shutterstock Maslowski Marcin Wiz founders ranked in Forbes 2025 Rich List

There are a few dozen Israelis listed in the 2025 Forbes Real-Time Billionaires List including Wiz founders Assaf Rappaport, Yinon Costica, Roy Reznik and Ami Luttwak.

SatixFy CEO Nir Barkan credit: Ariel Barkan Canada's MDA Space to buy Israeli satcom co SatixFy

MDA Space will pay $269 million for the Israeli company, including taking on a $76 million debt and a 75% premium on SatixFy's closing price on Nasdaq yesterday.

Raising dollars credit: Shutterstock Israeli startups raised over $1b in March

Israeli privately-held tech companies have raised $2.1 billion in the first three months of 2025, according to IVC-LeumiTech, up 24% from the corresponding quarter of 2024.

Terminal 1 credit: Personal image Terminal 1 reopening revives Israel low-cost fare options

With the opening of the terminal for international flights, the Irish low-cost airline Ryanair has returned to Israel and with it, double-digit US dollar round-trip fares.

Arkady Volozh  credit: Shlomi Yosef Analysts see Israel-linked Nebius challenging CoreWeave

Nebius, founded by Yandex founder Arkady Volozh, operates in CoreWeave's AI server market, but is growing "more rationally", and has far less debt.

Bezalel Smotrich and Amir Yaron credit: Knesset Spokesperson and Tali Bogdanovsky Retail chains, credit card cos could soon act as banks

Israel's financial regulators have proposed that supermarket chains, credit card companies and investment houses will be able to accept deposits and offer credit.

Elbit Systems rocket launcher  credit: Elbit Systems Elbit Systems wins $130m European rocket order

The order is for the supply of rockets for Elbit's Precise and Universal Launching System (PULS), which has an effective range of up to 300 kilometers.

Nvidia VP Ali Kani credit: Nvidia Nvidia intensifies efforts to compete with Mobileye

"Globes" talks to Nvidia VP and automotive team head Ali Kani about the chipmaker's autonomous vehicle activities and assesses the threat to Mobileye.

Fitch ratings agency credit: Shutterstock Fitch reaffirms Israel's A rating with negative outlook

The ratings agency said, "The negative outlook reflects rising public debt, domestic political and governance challenges and uncertain prospects for the conflict in Gaza."

Tamar rig credit: PR Sovereign Wealth Fund earned handsome returns in 2024

Israel's Sovereign Wealth Fund, known as the Citizens' Fund, had assets worth about $2 billion at the end of 2024, the Ministry of Finance reports.

Fencing goes up Petah Tikva's Segula neighborhood  credit: NTA Work on Metro to begin in Petah Tikva

The first work on the Tel Aviv Metropolitan underground railways system will begin on the M2 line depot in Petah Tikva.

Startups credit: Shutterstock/NicoElNino IVC-LeumiTech: Tech fund raising jumps 24% in Q1

Israeli privately-held tech companies raised $2.13 billion in the first quarter of 2025, up 24% from the corresponding quarter of 2024, but down 12% from the preceding quarter.

Miri Regev and Yitzhak Rochberger credit: Yediot Ahronot/ Reuven Kapuchinsky and Amit Shabi Ramat Hasharon wants railway station for the Mossad

Ramat Hasharon is pushing for a station in Glilot neat the Mossad headquarters, even though a new station is also planned for Glilot South, 1.6 kilometers away.

Prime Minister Benjamin Netanyahu credit: Reuven Kastro Police call Netanyahu for testimony as aides arrested

Jonatan Urich and Eli Feldstein are being held over alleged payments received from Qatar while working in the prime minister's bureau.

Highcon chairperson Shlomo Nimrodi  credit: PR Packaging tech co Highcon winding down

The company, which numbers Benny Landa and JVP among its investors, is laying off most of its workforce, having lost 99.9% of its value since its flotation.

MK Almog Cohen  credit: Danny Shem-Tov, Knesset Spokesperson's Office Netanyahu halts Nevatim airport bill

Legislation mandating construction of an airport at Nevatim, near Beersheva, is ready for final Knesset approval, but the prime minister blocked it after a security cabinet meeting.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018