Qatar Just Signed A Deal To Explore Lebanon’s Oil & Gas As Soon As July

Qatar Just Signed A Deal To Explore Lebanon’s Oil & Gas As Soon As July

TotalEnergies, QatarEnergy, and Eni are set to begin exploring for oil and gas in Lebanon’s offshore Blocks 4 and 9.

The 3 companies have formed a consortium, with TotalEnergies and Eni holding 35% each, and QatarEnergy holding 30%. The agreement was signed at the Grand Serail in Lebanon.

The CEO of TotalEnergies, Patrick Pouyanne, announced that assessments will begin in early February and well-drilling will launch in the third quarter of 2023.

The company is eager to begin work on the offshore Block 9 “as soon as possible”.

Minister of Energy Walid Fayyad said the signing of the two exploration and production agreements with Qatar is “a continuation of confidence in Lebanon despite all adversities.”

He went on to say “We look forward to a long-term partnership that will entail helping Lebanon achieve its strategic goals, economic development, and investments in renewable energy, meeting Lebanon’s needs and diversifying energy sources.”

The Qatari Minister of Energy said, “we are here to support a better future for Lebanon and its people.”

This comes as Lebanon faces a crippling economic crisis, with the local currency losing more than 97% of its value and rolling blackouts across towns and cities.

The exploration for oil and gas in the maritime blocks off the