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Agreement on Maritime Border Line between Israel and Lebanon: TotalEnergies Will Launch Exploration Activities on Block 9
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Rhea-AI Summary
TotalEnergies (TTE) has signed a Framework Agreement with ENI and the State of Israel to implement a maritime boundary agreement with Lebanon, established on October 27, 2022. TotalEnergies operates Block 9 in Lebanon with a 60% interest, and exploration of prospects extending into Israeli waters will begin shortly. Preparations include team mobilization and equipment procurement. CEO Patrick Pouyanné highlighted the company's commitment to assessing hydrocarbon resources and production potential in the newly defined area.
Positive
Signing of a Framework Agreement to explore Block 9 in Lebanon, enhancing operational footprint.
Initiation of exploration activities in an area with potential hydrocarbon resources.
Partnership with ENI and diplomatic collaboration with Israel and Lebanon supports regional stability.
Negative
None.
PARIS--(BUSINESS WIRE)--
Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and its partner ENI have signed, with the State of Israel, a Framework Agreement to implement the agreement on maritime boundary which has been reached between Israel and Lebanon on October 27, 2022.
In Lebanon, TotalEnergies is the operator of the exploration Block 9, and holds a 60% interest, alongside its partner ENI (40%).
Following the signature of this Framework Agreement, the Block 9 partners will initiate the exploration of an already identified prospect which might extend both in Block 9 and into Israel waters South of the recently established Maritime Border Line.
Preparation of exploration activities starts now with the mobilization of the teams, the purchase of required equipment and the procurement of a drilling rig.
“TotalEnergies, as the operator of block 9, is proud to be associated with the peaceful definition of a maritime border between Israel and Lebanon. By bringing our expertise in offshore exploration, we will respond to the request of both countries to assess the materiality of hydrocarbon resources and production potential in this area”, said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies.
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About TotalEnergies TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
What recent agreement did TotalEnergies (TTE) sign regarding maritime boundaries?
TotalEnergies signed a Framework Agreement with ENI and the State of Israel to implement a maritime boundary agreement with Lebanon.
What is the significance of Block 9 for TotalEnergies?
TotalEnergies operates Block 9 in Lebanon, holding a 60% interest, and it plans to begin exploration in the area following the maritime boundary agreement.
When was the maritime boundary agreement between Israel and Lebanon established?
The maritime boundary agreement between Israel and Lebanon was established on October 27, 2022.
What are TotalEnergies' next steps after signing the Framework Agreement?
TotalEnergies will mobilize teams and procure equipment to initiate exploration activities for hydrocarbon resources in the defined area.
