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Drilling Rig Arrives in Lebanon For Exploration Start

OIL

A drilling rig has arrived in Lebanon’s Block 9 Aug. 16 to begin oil and gas exploration, according to Reuters.

  • The commencement of drilling in waters offshore Lebanon is managed by a consortium led by TotalEnergies and includes ENI and QatarEnergy.
  • Lebanon’s Energy Minister Walid Fayad said in May that results of the exploration would be known by the end of 2023. ENI CEO Claudio Descalzi said in January that he was “positive” about a discovery.
  • Lebanon hopes oil and gas discoveries will aid its faltering economy, which has seen rolling blackouts and a currency depreciation of more than 98%.
  • Exploration was made possible by a US-brokered deal in 2022 that delineated the maritime border between Israel and Lebanon. The deal also allows for possible discoveries beyond Block 9, which would have a royalties system set up for Israel.

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