QatarEnergy to Join TotalEnergies, Eni in Lebanon Offshore Exploration

©alexpolo/AdobeStock
©alexpolo/AdobeStock

QatarEnergy will join TotalEnergies and Eni in a three-way consortium to explore oil and gas in two maritime blocks off the coast of Lebanon, the Lebanese energy ministry said on Thursday.

The announcement said agreements would be signed on Sunday.

"This will be a major positive development," Lebanon's energy minister Walid Fayad told Reuters, adding that it could bring forward the launch of exploration activities from November.

QatarEnergy will join TotalEnergies and Eni in a three-way consortium to explore oil and gas in two maritime blocks off the coast of Lebanon, the Lebanese energy ministry said on Thursday.

The announcement said agreements would be signed on Sunday.

"This will be a major positive development," Lebanon's energy minister Walid Fayad told Reuters, adding that it could bring forward the launch of exploration activities from November.

The following month, Lebanon and Israel agreed to a landmark agreement brokered by the U.S. to delineate their long-disputed maritime border.

Block 9 lies mostly in Lebanese waters but a segment lies south of the newly delineated border with Israel. Total and Israel have agreed a separate deal for any revenues generated from there.

The deal stipulated that no Lebanese or Israeli corporations would operate in the zone below the new border, prompting a transfer of the TotalEnergies and government stakes to two companies described as "vehicles" of TotalEnergies and the search for a new consortium partner.

Offshore areas in the eastern Mediterranean and Levant have yielded major gas discoveries in the past decade. Interest in them has grown since Russia's invasion of Ukraine disrupted gas supplies.

(Reuters - Reporting by Maya Gebeily; Writing by Clauda Tanios; Editing by David Goodman, Kirsten Donovan)


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