Lebanon signed agreements for exploration and production in blocks 4 and 9 at the Grand Serail. Prime Minister Najib Mikati confirmed that the start of exploration and petroleum activities in Lebanese waters will have a positive impact in the short and medium term, providing opportunities for Lebanese companies interested in the petroleum services sector and creating job opportunities, especially for young Lebanese in the technical field. He emphasized that if commercial quantities are discovered, the development of such discoveries will proceed promptly, supplying the Lebanese market, particularly electricity plants, with natural gas, thereby contributing to local economic growth.
Earlier today, Prime Minister Mikati oversaw the signing ceremony of the "amendment annexes to the exploration and production agreements in blocks 4 and 9," coinciding with the entrance of "Qatar Energy" as a partner with the French company "Total Energies" and the Italian company "Eni."
During the meeting, Prime Minister Mikati received Qatar Energy's Minister of State for Energy Affairs and CEO Saad Sherida Al-Kaabi, Total Energies CEO Patrick Pouyanné, and Eni CEO Claudio Descalzi, alongside Minister of Energy Walid Fayad.
At the event, Prime Minister Mikati stated: "The entry of Qatar Energy and its acquisition of a 30% stake in the exploration and production agreements for blocks 4 and 9 is an important and exceptional event in the exploration and production sector of petroleum in Lebanese maritime waters, given Qatar Energy's esteemed global stature and experience in the gas industry. The operator, Total Energies, which holds a 35% stake along with Eni, which also holds a 35% stake, will commence drilling in block 9 after completing environmental surveys and associated drilling operations and launching logistical activities from the Port of Beirut."
He remarked: "The commencement of exploration and petroleum activities will have a positive effect in the short and medium term on creating opportunities for Lebanese companies interested in the petroleum services sector and providing job opportunities for young Lebanese, especially in the technical field. Additionally, if commercial quantities are discovered, this discovery will be developed as swiftly as needed and supply the Lebanese market, especially electricity plants, with natural gas, contributing to local economic growth."
He stressed that the coalition of companies operating in blocks 4 and 9 will help advance investments in the energy sector in Lebanon, which is a long-term investment that the Lebanese state will support with sound governance and absolute transparency. He also noted that the coalition of these globally renowned companies boosts investment confidence in Lebanon, despite the difficult circumstances it is experiencing, placing Lebanon on the oil map in the eastern Mediterranean in the future. Lebanon's geographic location will enable it, along with friendly countries in the region, to play a pivotal role in supplying gas to Europe, furthermore encouraging global companies to participate in the second licensing round for offshore blocks open for bidding.
He emphasized that Qatari investment in the energy sector represents a strategic partnership between Lebanon and the sister State of Qatar, opening the path for future Arab and Gulf investments, particularly in Lebanon's interest and that of its Arab brothers. After the meeting, all participants are expected to move to the Grand Hall in the Serail for the signing ceremony of the amendment annexes.
