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Posted On: 29 January 2023 04:38 pm
Updated On: 29 January 2023 04:50 pm

QatarEnergy acquires 30% stake in two offshore exploration blocks in Lebanon

Cassandra Pallagud
Cassandra Pallagud
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Qatarenergy 30 percent interest offshore exploration blocks lebanon

QatarEnergy entered into agreements with the Government of Lebanon, TotalEnergies, and Eni to become a partner in two exploration blocks offshore the Republic of Lebanon.

Pursuant to the terms of the agreements signed in Beirut today, QatarEnergy will hold a 30% working interest in the Exploration and Production Agreements pertaining to Blocks 4 and 9, marking QatarEnergy’s first exploration endeavor in Lebanon. TotalEnergies (the operator) and Eni will each hold a 35% interest.

The agreements were signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, His Excellency Dr. Walid Fayad, the Minister of Energy and Water of Lebanon, Mr. Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Mr. Claudio Descalzi, the CEO of Eni.

Commenting on the signing of these agreements, His Excellency Mr. Al-Kaabi said: “This very important commitment gives us the opportunity to support Lebanon’s economic development, at this critical juncture. And I want to assure our brothers in Lebanon that with the guidance of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, the State of Qatar will always be there in support of a better future for Lebanon and its people.”

His Excellency Minister Al-Kaabi thanked the government of Lebanon and the Ministry of Energy and Water for their support, saying: “I want to take this opportunity to express my sincere thanks to the Government of Lebanon represented by His Excellency Dr. Walid Fayad, the Minister of Energy and Water and the teams at the ministry and the Lebanese Petroleum Administration for the valuable support and cooperation that led to this milestone.”

“I want to thank our partners, Mr. Patrick Pouyanné and Mr. Claudio Descalzi, as well as the working teams of TotalEnergies, Eni, and QatarEnergy. We are pleased to work with TotalEnergies and Eni, with whom we share a long history of cooperation, and who have a deep understanding of the region and a proven exploration track record. We look forward to beginning work on this promising endeavor, and hope that these efforts are successful for the benefit of Lebanon and its people,” Minister Al-Kaabi concluded.

QatarEnergy Lebanon stake
Image credit: QatarEnergy

Block 9 has a total area of 1,749 square kilometers and lies about 80 kilometers off the coast of southern Lebanon in water depths of approximately 1,700 meters, while block 4 has a total area of 1,911 square kilometers and is located in water depths of about 1,500 meters.

Source and cover image credit: QatarEnergy