The Israel-Lebanon maritime border agreement is awaiting final approval from its business partners.
Despite its 40% stake in the Sidon-Qana gas field, Italian energy giant Eni was excluded from the Israel-Lebanon talks. Lebanon-based TotalEnergies, meanwhile, has yet to agree on how profits will be split with Israel.
Sources close to the situation told Globes that TotalEnergies had promised to get Eni’s approval but has not yet done so.
It now appears that representatives from Israel’s Ministry of National Infrastructures, Energy and Water Resources as well as the Ministry of Finance’s Accountant General office have reached an agreement with TotalEnergies, which holds 40% of the rights to develop the field and another 20% in trust.
However, its Italian partner Eni, which owns 40% of the field and has veto power, has yet to approve the Israel-Lebanon agreement.
According to a senior international energy sector source, Eni is likely to consent. Still, it is also clear that the company was dissatisfied that it was left out of the picture, due to French President Emmanuel Macron’s deep involvement in the negotiations on the agreement.
“It is possible that there will be a need for political involvement with the Italian government, which owns a third of Eni,” the source told Globes.
