Lebanon launched on Thursday the long-awaited exploratory drilling for offshore oil and gas, ten months after a landmark maritime deal between Beirut and the occupation regime.
Exploration drilling has begun on offshore Block 9 located in the south of Lebanon’s exclusive economic zone (EEZ), caretaker Energy Minister Walid Fayad announced at a news conference Thursday.
Minister Fayad referred Thursday to a “historic day,” coming at the end of a process that began in 2010, and which has seen decisive stages in 2018 (the award of licenses to the consortium) and 2022 (the maritime agreement), L’Orient-Le Jour reported.
Seismic Survey in Block 8
He also announced that Lebanon is about to embark on another process in parallel, “namely the three-dimensional seismic survey of Block 8,” adjacent to the one where exploration has just begun.
The ministry has appointed two companies to conduct the study: UK-based Geoex MCG and Brighskies Geoscience (BSG). These companies’ respective representatives — executive vice president Jean-Philippe Rossi and CEO Nizar Abou Ismaïl — took part in the press conference. Rossi remarked during the press conference that the study is being conducted at no cost to the Lebanese state.
French oil giant TotalEnergies is leading the consortium drilling at the Block 9, along with Italian company ENI and state-owned QatarEnergy.
Earlier on Tuesday, Fayad said that the results of this drilling will be released after 67 days, hoping that the move will bring good things for the Lebanese.
Parliament Speaker Nabih Berri, caretaker Prime Minister Najib Mikati, Fayad and caretaker Minister of Public Works Ali Hamieh visited the drilling rig that was moved into position about 120km off the Lebanese coast also on Tuesday. They were flown to the rig aboard a helicopter provided by TotalEnergies.
فيديو للحظة إنطلاق دولة الرئيس #نبيه_بري و رئيس الحكومة #نجيب_ميقاتي من المطار إلى منصة الحفر للتنقيب عن النفط و الغاز لمواكبة العمل اللوجستي.#منصة_التنقيب #شركة_توتال #بلوك_٩ #لبنان #بيروت #الناقورة pic.twitter.com/BJcUPBjWlU
— Mohammad Al Hadi (@athrshahiid3130) August 22, 2023
Lebanon has pinned its hopes on potential hydrocarbon reserves as a source of foreign currency for the country which has been grappling with unparalleled financial turmoil after its currency’s value plummeted by more than 98 per cent against dollar.
Source: Agencies
