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Lebanon and Cyprus signed a historic maritime demarcation deal on Wednesday, marking a major step toward offshore energy cooperation and potential exploration of gas fields in the eastern Mediterranean.

The agreement was signed by Lebanese President Joseph Aoun and Cypriot President Nikos Christodoulides at Lebanon’s presidential palace. Both leaders highlighted that the pact signals deeper cooperation between Lebanon, EU-member Cyprus, and the wider European Union.

“This is a historical agreement, concluding an issue pending for many years and now look forward to what our countries can jointly create,” Christodoulides said.

Lebanon’s maritime borders with Israel were previously delineated under a U.S.-brokered deal in 2022. With the new agreement with Cyprus, Syria remains the only neighbouring country with which Lebanon has yet to finalize its sea boundaries.

Officials hope that offshore gas and oil discoveries could generate much-needed state revenue and stimulate economic activity, helping Lebanon recover from its 2019 financial collapse and longstanding energy shortages. To date, however, no commercially viable resources have been found in Lebanon’s offshore blocks.

The maritime deal sets the stage for potential exploration and further cooperation between Lebanon and Cyprus, while also reinforcing Lebanon’s engagement with European partners on energy and economic initiatives.

Greece’s finance minister, Kyriakos Pierrakakis, penned an article in the Financial Times, emphasizing that Europe had to adopt coordinated financial execution plans, citing the Greek example on how this could be achieved.

The country is in one of the most critical periods in the management of its water resources, as the Waste, Energy and Water Regulatory Authority is preparing to declare a "red" alert for Patmos and Leros, while the same is expected to happen in Attica tomorrow.