21/11/2022 by Katie
Israel has signed an agreement with France-based TotalEnergies that will pave the way for the energy company to begin exploring the Qana gas field which lies partially in Lebanese waters, according to a recent maritime border agreement.
The agreement of a maritime boundary between Israel and Lebanon, something that has long been disputed, was a prerequisite for TotalEnergies to proceed with investment in the prospect. Under the terms of the recent agreement, Lebanon will control the Qana field, while Israel will be paid dividends for the part of the field in its waters.
TotalEnergies says it is now moving forwards rapidly with preparation by acquiring equipment, mobilising personnel and chartering a drilling rig. Potential issues may arise, however, if Benjamin Netanyahu, who is widely expected to become Israel’s Prime Minister again, seeks to withdraw from the maritime border agreement.
TotalEnergies’ CEO and chairman, Patrick Pouyanné, said that as the block’s operator, his company:
“…is proud to be associated with the peaceful definition of a maritime border between Israel and Lebanon. By bringing our expertise in offshore exploration, we will respond to the request of both countries to assess the materiality of hydrocarbon resources and production potential in this area.”
While TotalEnergies is a major producer of oil and gas, it also makes a range of lubricants and fluids under the Total brand, such as the Total Dacnis range of air compressor oils. Contact our helpful team here at TrAchem to learn more about Total products.
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