QatarEnergy acquires 30% interest in Lebanese exploration blocks from Eni and partners

World Oil Staff January 30, 2023

(WO) — QatarEnergy has acquired a 30% interest in exploration Blocks 4 and 9 offshore Lebanon from Eni and TotalEnergies. This partnership marks QatarEnergy’s first exploration endeavor in Lebanon and confirms exploratory basin interests in the Eastern Mediterranean. Eni and TotalEnergies will hold a 35% interest after the transfer.

Walid Fayad, Lebanon’s Minister of Energy and Water, Saad Sherida Al-Kaabi, President and CEO of QuatarEnergy, Claudio Descalzi, CEO of Eni, and Patrick Pouyanné, CEO of TotalEnergies, signed the transfer agreement in front of Lebanon’s Prime Minister, Najib Mikati, in Beirut on Jan. 29.

Exploration block 9 has a total area of 1,749 km2 and rests roughly 80 km offshore southern Lebanon in water depths of approximately 1,700 m; exploration block 4 has a total area of 1,911 km2 in water depths of roughly 1,500 m.

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