Lebanon Anticipates TotalEnergies’ Second Offshore Exploration Drill

Lebanon is eager for the TotalEnergies-led consortium to start drilling a second well in offshore Block 9 as soon as feasible, as per a Reuters report quoting Lebanon Energy Minister Walid Fayad. The first exploratory well in Block 9 did not yield a commercially viable amount of natural gas.

TotalEnergies, holding a 35% stake, leads the operation of Block 9, alongside its partners, Italian energy major Eni (35%) and QatarEnergy (30%). Speaking on the sidelines of an energy conference in Italy, Fayad mentioned that although there’s a future obligation to drill another well, they are pushing for TotalEnergies, Eni, and QatarEnergy to begin the second drilling in Block 9, possibly starting early next year.

Located along the recently defined maritime boundary between Lebanon and Israel, Block 9 is one of Lebanon’s ten exploration blocks, with eight still available. Fayad indicated plans to launch a third licensing round for these blocks, contingent upon geopolitical stability to attract investment.

Lebanon is hoping that discoveries of gas and oil will alleviate its severe economic crisis, which has led to a drastic devaluation of the local currency, depletion of foreign reserves, and widespread power outages, as reported by Reuters.

In January 2023, QatarEnergy joined the consortium, securing a 30% interest in Blocks 4 and 9, alongside TotalEnergies and Eni, each holding a 35% stake. Block 9, located about 80km off the southern coast of Lebanon in waters nearly 1,700 meters deep, covers an area of 1,749km². Meanwhile, Block 4, situated in waters around 1,500m deep, spans an area of 1,911km².