Fayad Announces License Grant for Exploration of Block 8

The Minister of Energy and Water in the caretaker government, Walid Fayad, announced the granting of an exploration license for conducting a three-dimensional seismic survey in Block 8 of Lebanese territorial waters. He confirmed during a press conference that "expectations are high regarding this block, particularly in terms of launching the survey to collect data in Block 8, as the license has been awarded to a global consortium concerned with this matter." He pointed out that Block 8 was in a disputed area, and it was not possible to initiate the survey before the demarcation of borders with Israel, which has taken place. This increases competition for Lebanon to secure the best commercial terms regarding profit sharing and resource management due to the involvement of the private sector and independent partners, while also providing income to the state derived from the revenues that the company will collect from marketing this data.