Israel is ready to mediate talks with Lebanon to resolve a dispute over the maritime border between the two countries, Israeli Energy Minister Yuval Steinitz's office said in a statement on Monday after he met U.S. envoy David Satterfield.

According to him, such negotiations could be "for the good of both countries' interests in developing natural gas reserves and oil" by agreeing a border, Reuters reported.

Israel and Lebanon have disagreed on border demarcations, a dispute which affected a sea area of about 860 square km extending along the edge of three of Lebanon’s southern energy blocks.