Saturday, November 26

Qatar in Talks With TotalEnergies for Stake in Lebanon Gas Block


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(Bloomberg) — Qatar is in talks with TotalEnergies SE and Eni SpA for a 30% stake in an exploration block in waters off Lebanon, QatarEnergy Chief Executive Officer Saad Al Kaabi said Sunday.

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The company is also in talks with the Lebanese government regarding the offshore gas block, Al Kaabi said at an event in Doha.

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Lebanon signed an historic agreement earlier this week with Israel that ended a decades-long dispute over maritime borders. Both countries, which are technically in a state of war, had laid claim to an area covering 860 square kilometers (330 square miles) that’s thought to be gas-rich.

The US-brokered pact will allow international companies to begin exploring for natural gas in the previously-contested waters in offshore Block 9, potentially leading to more energy exports to Europe in the coming years.

The TotalEnergies-led consortium, which included Eni and Novatek PJSC, won a bid to explore in Blocks 9 and 4 in late 2017. The group began drilling in Block 4 in 2020 but disappointing results halted further development. Russia’s Novatek withdrew this year from the exploration efforts.

Historic Foes Israel and Lebanon Sign Gas-Rich Waters Deal (1)



financialpost.com

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