Lebanon, Qatar explore gas

Lebanon and Qatar are to jointly explore for offshore gas in waters near Israel, following a historic border deal last year between the two foes.

The agreement green-lights Lebanon’s exploration of its southern Qana, or Sidon, reservoir following the signing of the landmark accord last October demarcating its maritime borders with long-time enemy Israel.

Sunday’s deal will see the gas-rich Gulf country’s state-run QatarEnergy receive a minority 30 percent stake in two blocks of Lebanon’s exclusive economic zone, according to Lebanese caretaker Prime Minister Najib Mikati.

French company TotalEnergies and Italy’s Eni will both retain 35 percent shares in the blocks after Russia’s Novatek relinquished its minority stake in 2022.

Lebanese Energy Minister Walid Fayad and his Qatari counterpart Saad al-Kaabi, who is also QatarEnergy’s chief executive, signed the deal Sunday, along with the heads of Eni and TotalEnergies.

Kaabi told a press conference following the signing ceremony that Qatar’s involvement was an “opportunity to support Lebanon’s economic development.”

Lebanon has been caught in an economic quagmire that has plunged much of its population into poverty and been described by the World Bank as one of the worst in modern history.

TotalEnergies’ Patrick Pouyanne said he expected the exploration phase of the Qana project to be completed “within the next 12 months,” expressing hope that the work would result in discoveries of hydrocarbons.

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