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Paris: French groups “Total Energy” and the Italian “Eni” have signed a framework agreement with Israel regarding the Qana field shared with Lebanon, the French group announced in a statement on Tuesday.
The statement said that Lebanon and Israel, through US mediation, reached an October 27 signing of an agreement “to implement the maritime border agreement between Israel and Lebanon,” which guarantees the distribution of valuable offshore gas fields in the Mediterranean. East and eases tension in the region.
This deal will allow Beirut to begin hydrocarbon exploration at the Qana field, part of which is located in Israeli territorial waters, in exchange for paying Israel compensation.
The two groups will be able to excavate “in an area that has been identified and which could extend to Block 9 and Israeli waters south of the newly identified maritime borders”.
Lebanon has divided the exclusive economic zone into ten squares and Block 9 is part of the disputed area with Israel.
Under the agreement between the two countries, Lebanon will obtain all the rights to explore and exploit the Qana field, but analysts believe that it will take years before Beirut enters the exploration phase.
Ultimately, according to the deal, Israel will receive compensation from the company exploring the Qana field “for its rights to any potential reserves.” The Israeli government estimates its share at around 17%.
The French group specified that it “manages the Block 9 exploration area in Lebanon and owns 60% of it together with the shareholder, the Italian group Eni (40%)”.
“We will respond to the request of the two countries to evaluate the material importance of hydrocarbon resources and their production potential in this region,” Patrick Pouyanne, director general of the “Total Energy” group said in a statement.
