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The country currently has obligations of more than fifty billion dollars (41.6 billion euros), equivalent to about 148 % of the GDP. Legal Challenges The legal framework for maritime boundary conflicts is relatively clear, although the practical difficulties are complex.
Under the UN Convention on the Law of the Sea (âUNCLOSâ), a coastal State has sovereign rights to explore and exploit, conserve and manage the natural resources in its Exclusive Economic Zone (âEEZâ). Under UNCLOS Article 57, the EEZ extends a maximum of 200 nautical miles from the baseline. Article 74 provides that States with opposite or adjacent coasts must delimit their EEZs by applying international law to achieve an equitable solution.
Introduction Tensions between Lebanon and Israel have been running high during the last months due to a legal dispute over rights to newly discovered natural oil and gas reserves in the Mediterranean Sea.