Lebanon Welcomes Offshore Rig for Gas Exploration After Israel Deal

An offshore drilling rig has arrived in Lebanese waters near the border with Israel to begin operations in the coming weeks, following a maritime border agreement between the two countries. Lebanon, facing a severe economic crisis, hopes that potential gas discoveries will help alleviate its financial woes. The drilling results are expected in two to three months. In 2017, Lebanon approved licenses for an international consortium, including TotalEnergies, ENI, and Novatek, to develop offshore oil and gas. Under a US-mediated deal, the disputed waters will be divided, with gas production based on the Lebanese side and compensation for gas extracted from Israel's side.