Israel and Lebanon have finalised an agreement demarcating a contentious maritime border between the two countries. The deal will settle a territorial dispute in the eastern Mediterranean Sea in an area where Lebanon intends to conduct natural gas exploration and close to waters where Israel has discovered significant quantities of hydrocarbons. Indeed, Israel secured full rights to the Karish field, which is estimated to contain 1.4 tcf (40 bcm) of natural gas reserves. In exchange, Lebanon got complete ownership of the Qana field. However, as part of a separate agreement with TotalEnergies, the country accepted to share royalties with Israel for the portion of the field that goes beyond the agreed-upon maritime border. Earlier in October 2022, the Israeli Ministry of Energy gave its approval to Energean to start producing natural gas from the Karish gas field. The company is developing the field using a floating production storage and offloading (FPSO) unit with a gas treatment capacity of 800 mcf/d (8 bcm/year). Energean started testing the pipeline linking the project to the Israeli coast in October 2022.
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