BEIRUT: Lebanon's new Cabinet Wednesday endorsed two crucial decrees on offshore oil and gas exploration, ending a long-delayed matter in the first meeting since the government garnered a vote of confidence by lawmakers.

Local media said that Foreign Minister Gebran Bassil announced the news from the Baabda Palace, describing it as the Cabinet's first "achievement."

President Michel Aoun and Prime Minister Saad Hariri met behind closed doors ahead of the session.

Industry Minister Hussein Hajj Hasan joked with reporters as he walked into the meeting, saying that each of them would obtain today "a new phone and a barrel of oil."

The two crucial decrees could pave the way for the first licensing round of offshore gas exploration in Lebanon’s Exclusive Economic Zone (EEZ) by designating the blocks that would be open for bidding.

The decrees are necessary to set out the blocks that are up for auction and a revenue sharing model.

There is a territorial dispute between Lebanon and Israel over a region of 800 square kilometers on the border between both countries. Both Lebanon and Israel claim ownership of that maritime area.

Seismic studies carried out since 2013 have shown that Lebanon possesses trillions of cubic feet of oil and natural gas in its waters, a discovery which could boost international confidence in Lebanon’s economic future.

Another controversial article on the Cabinet's agenda is deciding on a replacement for Abdel-Moneim Youssef, head of the state-owned telecommunications company Ogero.

Youssef has been in the spotlight since last year, when corruption claims sparked doubt over his capability to run the state-owned company.

He had brushed off the accusations on several occasions, citing ulterior motives.

The Progressive Socialist Party had accused him of running an isolated island instead of a state institution.

State Minister Ali Qanso said that he plans to tackle the privatization of the country's auto-inspections centers at the meeting, which will include a proposed price increase.

The Unions and Leagues of Land Transportation ended a three-month protest in December, urging the government to instead take control of the centers.

The head of the union, Bassam Tleis, called on the Cabinet as it kicked off its meeting to favor people's interests and the state's treasury when tackling the auto-inspection center's file.