French power operation TotalEnergies and Italian hydrocarbon company ENI have jointly signed a framework agreement with Israel to exploit a gas field shared with Lebanon, the French energy supplier said Tuesday.
This provisional deal with two of Europe's biggest energy suppliers comes in the wake of an October agreement between Lebanon and Israel, which resolved a long-standing dispute over the maritime border separating the two states in the eastern Mediterranean.
Lebanon has already authorised TotalEnergies to explore its offshore waters, with a view to evaluating the extent of natural gas reserves.
TotalEnergies said that, after finalising the latest agreement, it "will initiate the exploration of an already identified prospect which might extend both in block 9 and into Israel waters south of the recently established maritime border line."
Lebanon divided its exclusive economic zone at sea into ten blocks. Block 9 was part of the area previously disputed with Israel.
Initial evaluation of reserves
TotalEnergies holds a 60 percent stake in block 9, while ENI holds 40 percent.
"By bringing our expertise in offshore exploration, we will respond to the request of both countries to assess the materiality of hydrocarbon resources and the production potential in this area," said Patrick Pouyanné, boss of TotalEnergies.
With demand for gas rising worldwide because of the energy crisis sparked by Russia's invasion of Ukraine, Lebanon hopes the exploitation of the offshore field will help ease its economic crisis.
