Cooperation with Cyprus for oil exploitation likely

Talks aim to enact agreement before May

Lebanon and Cyprus are ready to discuss cooperation prospects in the exploitation of offshore oil and gas. Cyprus's President is scheduled to land in Beirut on Thursday on an official visit during which he is expected to meet with President Michel Sleiman.

The Cabinet plans to launch the official bids for drilling rights on May 2. Cyprus has repeatedly urged Lebanon to ratify a delineation agreement signed between the two states in 2007. The agreement, ratified by Cyprus, has been held up by Parliament due to a dispute with Israel over maritime borders.

Parliament member Mohammad Kabbani said the border dispute with Israel should not stop companies from bidding for oil drilling rights. Earlier, the Cabinet had said it planned to include the disputed southern maritime border zone in the oil extraction activities. “The southern part of the Exclusive Economic Zone will not be barred from the bidding, and companies wishing to bid for drilling rights there will also be considered,” Kabbani said.