Page 4 - MEOG Week 05 2023

MEOG COMMENTARY MEOG

QatarEnergy joins consortium

in Lebanese blocks

The Qatari firm has joined TotalEnergies and Eni in the only
two concessions yet to be awarded in the Lebanese offshore

LEBANON STATE-OWNED QatarEnergy this week joined were laying the groundwork for the drilling of a
a consortium alongside TotalEnergies and Eni well in Block 9 during 2023.
that holds concessions to the Block 4 and Block According to the company’s statement, CEO
WHAT: 9 concessions offshore Lebanon. and chairman Patrick Pouyanne and Lebanese
QatarEnergy has taken Following the signing of deals with the Leb- Energy Minister Walid Fayad discussed explo-
over the 20% stake in anese government and the two IOCs, the Qatari ration efforts in Lebanon and Pouyanne said
Blocks 4 and 9 left by firm picked up the 20% shareholding left unac- that the teams in charge of Block 9 operations
Novatek, as well as 5% counted for since Russia’s Novatek withdrew in had been mobilised, adding that bids had been
from each of its new August last year. sought for a drilling rig, with a unit to be chosen
partners. Meanwhile, TotalEnergies and Eni have during Q1.
farmed down 5% each from the sharehold- “Pre-orders have also been placed with sup-
WHY: ing they were awarded in 2018, giving the two pliers for equipment required,” the company
Drilling is set to begin in exploration and production agreements (EPAs) added, noting that environmental studies will
Block 9 within the next a shareholder structure as follows: TotalEnergies be completed by the end of June with a view to
few months and this will 35%, Eni 35% and QatarEnergy 30%. Block 9 drilling a well in Block 9 in collaboration with
likely shape future of the covers an area of 1,749 square km, lying around the Lebanese Petroleum Authority (LPA) and
play. 80 km off Lebanon’s southern coast, while Block Eni “as soon as possible in 2023”. The target of
4 has a total area of 1,911 square km and is the well is presumed to the Qana deposit, about
WHAT NEXT: located in water depths of about 1,500 metres. which little is known.
After years of delays, During the signing ceremony, HE Saad Sher- The group – then including Novatek –
Beirut will hope for ida Al-Kaabi, Qatar’s Minister of State for Energy drilled their first well in Block 4 in early 2020
drilling success that Affairs and president and CEO of QatarEnergy but reported that no commercial discovery had
could stimulate sufficient said: “This very important commitment gives us been made.
interest to finally proceed the opportunity to support Lebanon’s economic With around 7-9% of Block 9 overlapping
with its second licensing development at this critical juncture.” with a triangle of territory at that point disputed
round. with Israel, which condemned any efforts to
Drilling plans explore the concession, TotalEnergies said the
The announcement comes around a month after consortium would seek to drill as far from the
the French super-major said that the partners offending area as possible.

P4 www. NEWSBASE .com Week 05 01•February•2023