Last month, Israel signed a deal with Lebanon to settle a dispute over gas fields and the maritime border between the two countries, which enabled the countries to boost gas production from the gas-rich Mediterranean.
The framework agreement allows the two firms to start exploration work on a prospect, with the potential to extend into both Block 9 and Israeli waters.
TotalEnergies chairman and CEO Patrick Pouyanné said: “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.”
As a result of the transaction, TotalEnergies’ stake in the Waha concessions has increased from 16.33% to 20.41%.
In a press statement, TotalEnergies said: “This acquisition reflects TotalEnergies’ commitment to supporting Libya’s National Oil Corporation (Noc ) in its efforts to restore and increase the country’s oil production, together with reducing gas flaring to increase supply to power plants for additional electricity supply.”
TotalEnergies and NOC are also assessing the development of solar projects to power the Waha production sites.