No: 323, 27 October 2022, Press Release Regarding the Signing of the Maritime Boundary Delimitation Agreement Between Lebanon and Israel
We welcome the maritime boundary delimitation agreement signed today (27 October) between Lebanon and Israel, with mediation of the United States, as a result of indirect talks.
We hope that this agreement will contribute to peace and stability in the Eastern Mediterranean, already facing a number of challenges.
The agreement also envisages a joint development model and revenue sharing through third party operator for certain hydrocarbon license areas within the two countries' continental shelf. This model which reflects similar practices in the world, sets a good example for the region and in particular for the Turkish and Greek Cypriots.
In fact, last July, the Turkish Republic of Northern Cyprus made a cooperation proposal to the Greek Cypriot side based on a joint development approach through determining equitable revenue sharing percentages, without prejudice to the existing rights of international oil companies; and offered to establish a joint committee for this purpose.
Having proposed to convene an inclusive Eastern Mediterranean Conference in 2020, Türkiye continues to support the off-shore hydrocarbon cooperation proposals put forward by the Turkish Republic of Northern Cyprus in 2011, 2012, 2019 and 2022.
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