TotalEnergies to start exploration on Block 9 after Israel-Lebanon maritime accord
France's TotalEnergies and its Italian partner Eni have signed a "framework agreement" with Israel, to implement the maritime boundary accord that was agreed between Israel and Lebanon last month. In Lebanon, TotalEnergies is the operator of the exploration Block 9, and holds a 60 per cent interest, alongside its partner Eni's 40 per cent, the companies said on Tuesday. Lebanon and Israel, who…
TotalEnergies and Eni have signed a framework agreement with Israel to explore Block 9, a maritime prospect that may extend into Israel's waters, following a maritime boundary accord between Israel and Lebanon. As the operator of Block 9 in Lebanon, TotalEnergies holds a 60 percent stake in the venture, with Eni owning the remaining 40 percent.
The accord, brokered by the United States, divides disputed waters along a line that passes through the Qana prospect gasfield. While production and exploration will take place on the Lebanese side, Israel will be compensated for any gas extracted from its side of the line.
Patrick Pouyanne, chairman and CEO of TotalEnergies, expressed pride in the partnership with Israel, stating that the company will leverage its offshore exploration expertise to assess hydrocarbon resources and production potential in the region. Lebanon is currently grappling with its worst economic crisis in decades, with a ballooning debt of over $100 billion and hyperinflation reaching 162 percent in August.
The country's economy collapsed in March 2020 after defaulting on $31 billion in Eurobonds, and the formation of a new government has been delayed since May's parliamentary elections.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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