Lebanon to Start Drilling First Oil Well in Summer: Energy Minister
TEHRAN (Tasnim) – Lebanese Minister of Energy and Water Walid Fayad said drilling of the first exploratory oil well in the country is expected to begin at the end of summer.
The plans to drill block nine were formalized after the deal on the demarcation of the border between Lebanon and Israel was reached last year.
"Today, we reached an important milestone in oil and gas exploration in block nine, following the historic achievement of demarcating boundaries and commitment that we have seen from partners led by Total Energy and Eni and the recent entry of Qatar," Fayad said Friday, according to the Middle East Monitor.
He said that the new stability encouraged state-owned Qatar Energy (QE) to join Total Energies and Italy's Eni in block nine and nearby block four.
QE has replaced Russia's Novatek, which pulled out of the joint venture late last year for what it described as "economic and financial" reasons and "political risk".
QE holds 30 percent of stakes in the two licenses, with Total Energies and Eni each holding 35 percent.
Fayad said Lebanon has now "achieved the maximum that could be achieved at this stage."
He added, "We can always dream of more, but you must think of what's achievable."
Meanwhile, Lebanese Minister of the Environment Nasser Yassin said, "We are working as the Ministry of the Environment together with the Ministry of Energy and the Oil and Gas Authority to expedite these issues and give the necessary approvals for preparing for the drilling."
He also said that his ministry is working to afford appropriate environmental management "for the whole process."