Qatar Energy acquires 30% of the exploration rights in two oil blocks in Lebanese waters

Qatar has officially entered into a partnership with the French company “Total Energy” and the Italian “Eni” in the process of exploration and petroleum activities in Blocks No. 4 and 9 in the exclusive Lebanese economic zone, with a shareholding of 30% compared to 70% distributed equally between the two European companies. Qatar’s entry into the partnership process came in light of the withdrawal of the Russian company “Novatek”, which owned a 20% stake compared to 40% for “Total Energy” and 40% for the Italian “Eni”.
The Russian company justified its withdrawal because of the US sanctions that followed the start of the Russian special military operation in Ukraine.

The head of the caretaker government in Lebanon, Najib Mikati, confirmed that the start of the process of exploration and petroleum activities in the Lebanese waters, “will have a positive impact in the short and medium terms on creating opportunities for Lebanese companies interested in the services sector in the field of petroleum and provide job opportunities for Lebanese youth, especially for workers in the field.” technical.”
He said that in the event that commercial quantities are discovered, “this discovery will be developed at the required speed and the Lebanese market, especially the power plants, will be supplied with natural gas, which will contribute to the growth of the local economy.”

Mikati’s words came during a ceremony held today at the Grand Serail on the occasion of the signing of “the amending annexes to the Exploration and Production Agreements in Blocks 4 and 9, on the occasion of the entry of Qatar Energy Company as a partner with the French Total Energy Company and the Italian company Eni.”

He considered that Qatari investment in the energy sector constitutes a strategic partnership between Lebanon and Qatar and opens the way for future Arab and Gulf investments in particular, for the benefit of Lebanon and its Arab brothers.

For his part, the Qatari Minister of State for Energy Affairs, Saad bin Sherida Al-Kaabi, confirmed that “Qatar Energy” will acquire a 30% share in the Lebanese exploration and the agreement is important because it came after the agreement to demarcate the maritime borders, and it is an opportunity to support economic development in Lebanon.