PARIS: French oil giant TotalEnergies has said it will soon launch gas exploration activities in the Mediterranean Sea off Lebanon’s coast, following a United States-mediated agreement that put an end to a decades-long maritime border dispute between Lebanon and Israel last month.
According to a statement on Tuesday, TotalEnergies and its partner, Italy’s Eni, signed a framework agreement with Israel that opens up the prospect of exploration in the so-called Qana field.
There was no immediate confirmation from Israeli authorities. Under the terms of the deal signed by Lebanese and Israeli representatives on October 27, Israel retains full rights to develop the Karish field while Lebanon retains full rights in Qana – but with a caveat.
As Qana extends southward of the agreed demarcation line – Line 23 – Israel is entitled to receive royalties under the terms of a separate deal negotiated with the operator of the so-called Block 9.
Analysts have expressed their concern that the failure to reach a profit-sharing arrangement could potentially stall production on Lebanon’s side.
Diana Kaissy, advisory board member at the Lebanese Oil and Gas Initiative (LOGI), told media the signature of the framework agreement was “a step forward”. “But we don’t want it to be a faulty step,” Kaissy added. “Lebanon should be privy to the agreement.” –Agencies
