QatarEnergy acquires 30% interest in two offshore exploration blocks in Lebanon
This gives us the opportunity to support Lebanon’s economic development: Kaabi
QATARENERGY has entered into agreements with the Lebanese government, TotalEnergies and Eni to become a partner in two exploration blocks offshore Lebanon.
Pursuant to the terms of the agreements signed in Beirut on Sunday, QatarEnergy will hold a 30 percent working interest in the exploration and production agreements pertaining to Blocks 4 and 9, marking QatarEnergy’s first exploration endeavour in Lebanon. TotalEnergies (the operator) and Eni will each hold a 35-percent interest.
The agreements were signed by Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy HE Saad Sherida Al Kaabi, Lebanon’s Minister of Energy and Water Walid Fayad, TotalEnergies Chairman and CEO Patrick Pouyanné, and Eni CEO Claudio Descalzi.
Commenting on the signing of these agreements, 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.”
The minister thanked the government of Lebanon and the Ministry of Energy and Water for their support.
“I want to take this opportunity to express my sincere thanks to the Government of Lebanon represented by 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 Patrick Pouyanné and
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 endeavour, and hope that these efforts are successful for the benefit of Lebanon and its people,” Minister Kaabi concluded.
Block 9 has a total area of 1,749 square kilometers and lies about 80 kilometres off the coast of southern Lebanon in water depths of approximately 1,700 metres, while block 4 has a total area of 1,911 square kilometres and is located in water depths of about 1,500 metres.