Israel's online economic magazine Globes is reporting that Israel has refused an American offer to solve the dispute with Lebanon over the maritime borders in the Mediterranean.
According to the magazine, the continuing dispute over the borders could undermine the development of Lebanese area Block Nine, where excavation work for oil and gas is currently being carried out.
Block Nine is located to the north of the Israeli oil field Alon, which is thought to contain large amounts of natural gas.
In 2010, Lebanon filed a complaint with the UN against Israel's incursion in the Lebanese area of the sea, which is called EEZ.
The area is about 850km2 and is disputed between Lebanon and Israel.
While the US offered to mediate to solve the dispute, Israel refused and responded directly to the UN in regards to the Lebanese complaint.
According to Globes, Lebanon's recent bids for oil excavation in the area include its claim of ownership, calling the area the "southern Lebanese borders".