The director of Israel’s Energy Ministry reportedly told ministers at Thursday’s security cabinet meeting that estimates on how much natural gas could be extracted from a reservoir at the center of a maritime dispute between Israel and Lebanon were far less than initially thought.
Lior Shilat said that the estimate of his office and the TotalEnergies oil firm — which holds the franchise for gas exploration at the disputed Qana reservoir — is that the potential profit from the area in question is just three billion dollars, the Walla news site reported, citing four officials present at the cabinet meeting when the remarks were made.
“It is also possible that [Qana] is completely dry,” Shilat told the ministers, according to Channel 13.
The figure presented was significantly lower than other estimates published in the media. The Marker business daily placed potential profits at roughly 20 billion dollars. If gas is found at the reservoir, profits would be split between Israel, Lebanon and TotalEnergies. Shilat clarified that Israel won’t be able to know the exact numbers until drilling at the site begins.
The revelation appeared to be an attempt by Shilat to convince wary ministers to get on board with the US-brokered maritime agreement Israel is seeking to ink with Lebanon by emphasizing that while Israel would be compromising on a reservoir that may offer limited profit, it will legitimize its control over other reservoirs in the Mediterranean that are far more profitable. READ MORE
