• 15 hours Oil Prices Rise After API Reports Major Crude Draw
  • 16 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 16 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 16 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 18 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 19 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 20 hours Whitefish Energy Suspends Work In Puerto Rico
  • 21 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 1 day Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 7 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 7 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 8 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 8 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 8 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
China’s Mysterious Arctic Silk Road

China’s Mysterious Arctic Silk Road

As China pushes through its…

Lebanon’s Parliament Passes Maritime Border Law

Lebanon’s Parliament Passes Maritime Border Law

Concerned about possible Israeli encroachment upon recently discovered offshore natural gas fields, Lebanon’s Parliament has passed draft legislation demarcating its maritime borders with Israel.

The 18-article law was drafted in the Parliament’s Public Works, Transport, Energy and Water Committee, headed by MP Mohammad Qabbani, The Daily Star reported.

At issue are two massive offshore natural gas fields, Tamar and Leviathan, off Israel's northern city of Haifa, where initial prospecting estimates have concluded that the pair of sites between them could hold as much as 688 billion cubic meters of extractable natural gas.

On Thursday President Michel Sleiman told visiting delegations at Beiteddine Palace, the presidential summer residence, “We will not allow anyone to lay his hand on our wealth, which our children and grandchildren deserve. We will not only pass debts to them but also a wealth that will guarantee them a better future so that they remain in Lebanon.”

In July tensions rose after Israel's cabinet approved a map of the country's proposed maritime borders with Lebanon and submitted it for meditation to the United Nations, which conflicts with a map submitted in 2010 by Lebanon to the UN that gives Israel less territory. Beirut maintains that their map is in line with an armistice accord drawn up in 1949 and not contested by Israel as well as challenging Israel's assertion that a 2007 accord between Cyprus and Lebanon sets the same boundaries as those agreed between Israel and Cyprus last year.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News