Following the maritime demarcation agreement between Lebanon and Israel, and thus obtaining the required regional and international assurances and guarantees, the company "Total" intends to expedite the drilling and exploration process. This was confirmed by informed governmental sources via "Al-Markaziyah." Consequently, the company quickly proceeded to reserve the specialized exploration vessel to transport it to Block 9 in the south. According to information available, the start of the exploration process is set for the upcoming spring, which will be followed by an extraction phase after confirming the size of the reserves. Thus, 2023 will mark Lebanon's entry into the "club of oil-producing countries," making it a focal point for investors, as stated by the Speaker of the House, Nabih Berri.
Interest in investing in Lebanon has started to emerge, with some companies beginning to explore the situation to identify available investment opportunities. Oil expert Dr. Rabi Yaghi explains via "Al-Markaziyah" that "the agreement concluded between the Ministry of Energy and Total obligates the latter to begin drilling and exploration a long time ago, whether in Block 4 or Block 9; however, it hesitated due to disputed areas along the maritime borders between Lebanon and Israel, which led it to refrain from taking on the tasks assigned to it. Now, following the signing of the maritime border demarcation agreement, Total has begun preparations for the first phase of implementing the contract signed with the Lebanese state, specifically in Block 9."
He indicates that "logistical preparations require, first and foremost, bringing in a drilling vessel, as this type of vessel is rented by the hour and day due to its limited availability globally; hence, one should be reserved." He adds that it is a waiting phase until the vessel arrives, and drilling operations will not begin for at least three months. Therefore, the drilling and exploration vessel is expected to arrive at the end of the current winter season, and Total will start executing the terms of the contract it signed.
He reiterates that "bringing in the vessel represents the final step of the preparatory period that requires two to three months, culminating in the arrival of the drilling vessel to commence its work in the area deemed suitable by the company." Thus, there is a "temporal" wait for the preparations to be completed, but there is also a "political" wait that threatens delays and complications... with hopes of dispelling these concerns!
