Lebanon begins gas drilling as Israel could profit

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Lebanon has begun fuel and oil exploration drilling on the Qana subject in Block 9 on the border of its financial waters with Israel. The outcomes of the exploration needs to be identified in six weeks. The exploration drilling operator is French power main TotalEnergies (35%) in partnership with Italian firm Eni (35%) and Qatar Power (30%), which changed Russian firm Novatek, which give up the consortium final September.

In line with preliminary estimates and analyses of knowledge from the geological survey, the Qana subject might comprise almost 100 billion cubic meters (BCM) of fuel – greater than Israel’s Karish and Tanin fuel fields mixed.

This fuel subject was one of many foremost points within the negotiations to set the maritime border between Israel and Lebanon. As a part of the settlement signed final October, it was determined that the border would cross to the south of the Qana subject, and it could stay solely within the palms of the Lebanese, though Israel could be entitled to a share (17% has been beforehand reported) of the royalties of the sector, in response to a doc of ideas signed in November with the partnership in Block 9.

The doc establishes guiding ideas for a scenario the place the exploration processes which have now begun will result in the understanding that it’s doable to extract fuel on a business scale. Income from Qana might whole a whole bunch of billions of {dollars}. In a scenario the place Israel and TotalEnergies don’t attain an settlement concerning the estimation of the scale of the reservoir, an exterior professional shall be appointed to make the choice.

Printed by Globes, Israel enterprise information – en.globes.co.il – on September 15, 2023.

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