The discovery of oil and gas reserves off the Mediterranean shore may prove to be more of a curse than a blessing for warring neighbors Israel and Lebanon. Exploration has not started in the two major reserve sites, which were discovered in 2009, but disagreement over the delineation of their maritime borders has sparked a new regional conflict.

For Lebanon, once again an issue that should be of national concern has turned political. Hezbollah Secretary-General announced this week that Israel would not be allowed to "steal" Lebanon's newfound resources. In his speech, which marked the fifth anniversary of the July War between Israel and Hezbollah, Nasrallah said that the 2006 victory would be replicated should the dispute escalate into war.

Observers are concerned that this issue resembles another "Shebaa Farms" scenario, offering the Party of God a pretext to maintain its arms to fend off aggression by the Jewish state. With the Syrian upheaval nearby and the indictments out, Hezbollah feels the need to rally support for "the resistance" and raise anti-Israeli sentiment in the country. Israel, for its part, has vowed to protect the reserves, by all means possible, including force.

Lebanon and Israel, two nations at war, do not share a maritime border agreement. However, Lebanon delineated its own Exclusive Economic Zone (EEZ) in an agreement with Cyprus in 2007. Last year, it submitted to the U.N. a unilateral proposal for the southern boundary of the country's EEZ, which conflicts slightly with its agreement with Cyprus. Cyprus is now looking into the new maps offered by the Lebanese state, which, according to sources, are justifiable and conform to pre-existing Israeli proposals.

While Lebanon scrambles with border agreements, Israel has been quick to act. It has already sold exploration licenses to drilling companies, and one Texas-based company is slated to start drilling this year.

The role of regional players further complicates the issue. Turkish Cyprus objected to the agreement signed between Cyprus and Israel, and Ankara urged Lebanon not to sign an agreement with its Cypriot neighbor. Iran, for its part, signed a Memorandum of Understanding with the Lebanese cabinet to help it in the exploration process. Meanwhile, Washington said that it would back neither Israel nor Lebanon in their efforts to secure their exclusive economic zones.

It falls on the U.N., then, to take the lead in defining the borders and mediating an agreement. The basin as a whole, which comprises Lebanon, Israel, Syria and Cyprus, reportedly holds 1.7 billion barrels of recoverable oil and 34.5 trillion cubic meters of gas. This could drastically change Lebanon's fortunes and write off at least a part of its estimated $54 billion national debt. If the U.N. successfully mediates an agreement between the two states, the discovery may benefit both countries. However, thus far it appears to be a tough task wrought by heavy political bickering and hostility among key players. As it stands, the promise of economic prosperity may be turning into a war threat.