Block 72 is located near Lebanon's Block 9 gas fields, where Lebanon plans to begin explorations for natural gas and oil within the next few months. Block 72 and Block 9 are located along the border of disputed waters between Lebanon and Israel.
Last Tuesday, Israel's Energy Minister Yuval Steinitz approved the beginning of the competitive process for granting a natural gas and oil exploration license for Block 72. Preliminary investigations in the area have found potential gas fields similar geologically to other fields in the area, such as the Tamar field.
The competitive process will continue from June until September. The license will require the selected company to carry out all necessary operations and surveys in order to begin drilling. After three years and after five years the license can be renewed for a maximum of seven years from the date of signing a contract.
Aoun called on Lebanon's Supreme Defense Council to convene on Tuesday to discuss the Israeli announcement, according to the Hezbollah-affiliated Al-Manar news.
MP Kassem Hachem, a member of the Arab Socialist Baath Party, called the decision to begin explorations in Block 72 "piracy" and a "declaration of war." Hachem called for action at "all levels" to "put an end to these aggressive intentions on our homeland."The Israeli announcement comes as Lebanon is grappling with a financial crisis seen as the biggest threat to its stability since the 1975-90 civil war, with the Lebanese pound losing 75% of its value since October.