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Lebanon's Cabinet approved a long-stalled maritime border agreement with Greek Cyprus on Wednesday, ending a territorial dispute that has lingered since 2007, officials said.
The government also awarded a major offshore exploration contract to an international energy consortium during the meeting chaired by President Joseph Aoun at Baabda Presidential Palace, according to a presidential statement.
The Cyprus agreement now moves to Parliament for ratification. Lebanese officials described the deal as a critical step in the country's energy strategy as it seeks to attract international investment in its offshore hydrocarbon sector.
Progress on the maritime boundary accelerated this summer after Aoun met with Greek Cypriot President Nikos Christodoulides in Nicosia in early July, where both leaders agreed to resume negotiations that had been frozen for years.
The Cabinet awarded the exploration and production agreement for Block 8 to a consortium comprising TotalEnergies, QatarEnergy and Eni, the presidency said.
A source familiar with the contract told L'Orient Today the five-year agreement requires the consortium to conduct 3D seismic studies within the first three years — "a relatively long period for this type of service."
Block 8 is one of three offshore blocks along Lebanon's maritime border within the country's exclusive economic zone, which contains 10 blocks total. Lebanon settled its maritime boundary dispute with Israel in October 2022 through U.S.-mediated negotiations.
The licensing decision appears to supersede an earlier arrangement with TGS, a specialized firm that former Energy Minister Walid Fayad had assigned to conduct seismic studies on Block 8 in late 2024.
Resolving maritime disputes with the Greek Cyprus, Israel and Syria forms part of Lebanon's broader strategy to strengthen its appeal to international oil companies seeking to invest in the eastern Mediterranean.
The Cabinet approved legislation limiting the Banque du Liban governor to a single term renewal, according to al-Markazia. The measure, proposed by Kataeb party leader Samy Gemayel, aims to prevent extended tenures like that of former governor Riad Salameh, whose 27-year term "led to the adoption of disastrous policies that contributed to the country's collapse," according to the bill's explanatory statement.
Ministers rejected two other banking proposals: one seeking to retroactively reduce interest rates on all bank loans from 9% to 2% dating to November 2019, and another that would prevent banks from writing off or devaluing deposits.
The Cabinet also approved appointments to the Capital Markets Authority, Tripoli Port Board of Directors and Lebanese Food Safety Authority. Ministers authorized a commemorative postage stamp for Pope Leo XIV's visit in late November and created the "Fajr al-Jroud" medal, referencing the 2017 battle between the Lebanese Army and Islamic State fighters in Ras Baalbeck and al-Qaa.
Prime Minister Nawaf Salam emphasized the importance of holding parliamentary elections on schedule in May 2026, Information Minister Paul Morcos said after the meeting.
"If parliament fails to close the gap in the current electoral law, the government will step in by presenting a bill," Salam said, referring to Article 112, which governs expatriate voting.
Interior Minister Ahmad Hajjar told reporters that a ministerial committee would review implementation details in coming days. "What's important is that parliamentary elections are held on schedule, as the Lebanese expect," he said.
Parliament Speaker Nabih Berri, quoted by MTV, rejected the government's authority to propose electoral amendments while an existing law remains in force. "The government does not have the right to send a law to Parliament while there is an existing law," he said, ruling out "any technical extension of the parliamentary elections, not even for three days."
The dispute centers on expatriate voting rights. While 67 members of Parliament support amending the 2017 electoral law to allow diaspora voters to cast ballots for all 128 parliamentary seats rather than just six reserved seats, Berri has refused to place the proposal on Parliament's agenda.
On Tuesday, Aoun reaffirmed that elections would proceed "without postponement under any circumstances," including participation by Lebanese living abroad.
At the meeting's opening, Aoun condemned Israeli attacks against Lebanon and said he was monitoring the situation with concerned countries and the ceasefire monitoring committee. Morcos said the government contacted France and the United States, the main guarantors of the November 2024 ceasefire between Israel and Hezbollah, to enforce compliance.
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