TotalEnergies says well drilling in Lebanon’s offshore Block 9 to begin in Q3

TotalEnergies says well drilling in Lebanon’s offshore Block 9 to begin in Q3

BEIRUT - TotalEnergies is keen to start work on Lebanon's offshore Block 9 "as soon as possible", with assessments to begin early next month and well-drilling to launch in the third quarter of 2023, its CEO Patrick Pouyanne said on Sunday.

Pouyanne was speaking in a joint news conference in Beirut after signing a three-way consortium deal with QatarEnergy and Eni to explore oil and gas in two maritime blocks off the coast of Lebanon known as Blocks 4 and 9.

Following months of talks, QatarEnergy has taken a 30% stake in the consortium, leaving TotalEnergies and Eni with 35% each.

Lebanon hopes discoveries will help it reverse a crippling economic crisis that has cost the local currency more than 97% of its value, eroded the country's foreign reserves and caused rolling blackouts across towns and cities.

Pouyanne said a vessel would arrive in Lebanese waters on Feb. 6 to carry out an environmental survey in Block 9, "and we plan to drill during the third quarter of the year".

The CEO of Eni, Claudio Descalzi, said the exploration could offer a "big opportunity" for Lebanon as the world was facing a major lack of gas.

"From a geological point of view, I am positive" about