Israel signs deal to secure economic rights to gas field on maritime border with Lebanon

JERUSALEM – Israel has signed an agreement with the two energy companies licensed by Lebanon to drill in a gas field on the maritime border between the two countries to secure its economic rights to the field.

The agreement with the consortium of France’s TotalEnergies and Italy’s ENI will ensure that the Qana-Sidon gas field, also known as Block 9, in the Mediterranean will not be developed without keeping Israel’s economic rights, according to an energy ministry statement.

“The agreement with the two companies will contribute to the development of a cross-border reservoir between enemy countries, an unusual event in the global energy market,” said Lior Schillat, director general of the Israeli ministry.

The gas field had been disputed between Lebanon and Israel until it was fully transferred to Lebanon on condition that Israel has the right to share economic profits from its exploration, according to a landmark maritime border agreement signed between the two countries in October.

The amount of compensation Israel is entitled to from TotalEnergies and ENI is expected to be included in a detailed agreement between Israel and the two companies in the future, according to the current agreement.

TotalEnergies on Tuesday announced that it will launch oil and gas exploration in Block 9 of Lebanon’s waters and into Israel waters south of the recently established maritime borderline, Lebanon’s National News Agency reported.

Lebanon says maritime border deal with Israel purely “technical work”

October 27, 2022 Famagusta Gazette 0

Lebanese President Michel Aoun said on Thursday that the maritime border deal with Israel is purely “technical work with no political dimensions.” “The maritime demarcation agreement was technical work with no political dimensions, and does [Read More]

Israeli gov’t approves deal setting maritime boundary with Lebanon

October 27, 2022 Famagusta Gazette 0

The Israeli government approved on Thursday a maritime demarcation deal with Lebanon, setting for the first time a border between the two countries, which have been in an official state of war since 1948. The [Read More]

Israel-Lebanon maritime deal brings regional stability, economic benefits

October 15, 2022 Famagusta Gazette 0

The landmark maritime border deal between Israel and Lebanon is expected to not only solve the longtime dispute between the two enemy countries but also prevent a potential conflict between Israel and Hezbollah, a Lebanese [Read More]

Cyprus cheered by Israel-Lebanon maritime border agreement

October 12, 2022 Famagusta Gazette 0

Cyprus has hailed the agreement between Lebanon and Israel demarcating a contested maritime border as being a very important development. In a statement, the Foreign Ministry said it would contribute to the creation of conditions [Read More]

About Famagusta Gazette 6250 Articles
In addition to our Mediterranean perspective, Famagusta Gazette publish extensive coverage of world news, travel and tourism features, and financial information. Follow us on Twitter @FamagustaG