Lebanon has begun gasoline and oil exploration drilling on the Qana area 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 vitality 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.
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Based on preliminary estimates and analyses of information from the geological survey, the Qana area might include almost 100 billion cubic meters (BCM) of gasoline – greater than Israel’s Karish and Tanin gasoline fields mixed.
This gasoline area was one of many essential 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 area, and it might stay completely within the arms of the Lebanese, though Israel can be entitled to a proportion (17% has been beforehand reported) of the royalties of the sector, based on a doc of rules signed in November with the partnership in Block 9.
The doc establishes guiding rules for a scenario the place the exploration processes which have now begun will result in the understanding that it’s potential to extract gasoline on a business scale. Income from Qana might complete tons of of billions of {dollars}. In a scenario the place Israel and TotalEnergies don’t attain an settlement concerning the estimation of the dimensions of the reservoir, an exterior skilled will likely be appointed to make the choice.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on September 15, 2023.
© Copyright of Globes Writer Itonut (1983) Ltd., 2023.
