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Lebanese Exploration Blocks in Limbo: Argus

NATURAL GAS

The fate of two exploration blocks in Lebanese waters remains in limbo as the government has not yet agreed terms with the consortium which bid for licenses, according to Energy Minister Walid Fayad cited by Argus.

  • The consortium is comprised of Total, ENI, and QatarEnergy. It submitted bids to explore block 8 and 10.
  • The blocks lie in Lebanon’s recently delineated border with Israel.
  • The same consortium drilled in block 9 but found no oil or gas.
  • Fayad said that the situation in Gaza is making it difficult to create a stable oil and gas sector in the East Med, according to Argus.
  • "It makes risk a lot higher, it makes the financing cost a lot higher, and it makes any investment decision a lot more cumbersome. It is crippling the region," Fayad said, cited by Argus.
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