Lebanon to begin drilling for oil and gas  

Exploratory drilling for oil and gas in Lebanon’s offshore Block 9 is set to begin tomorrow after a landmark US-brokered agreement last year set the maritime border between Lebanese and Israeli waters for the first time, Reuters reported.

Energy Minister Walid Fayad said yesterday that tomorrow would be an “historic day” for the crisis-hit country.

The consortium drilling in Block 9 is led by France’s TotalEnergies (TTEF.PA) and includes Italian oil giant ENI (ENI.MI) and state-owned QatarEnergy.

Fayad said Lebanon would have the results of the exploratory drilling after 67 days and that the consortium had expressed interest in other offshore blocks around Block 9.

A statement by TotalEnergies said the consortium would be drilling one well in Block 9.

“This exploration well will allow us to assess the materiality of hydrocarbon resources and production potential in the area,” said Romain de La Martiniere, TotalEnergies’ general manager in Lebanon.

Earlier yesterday, Prime Minister Najib Mikati, and Parliament Speaker Nabih Berri visited the drilling rig.

Lebanon hopes gas and oil discoveries will help it reverse a crippling economic crisis that has cost the local currency more than 98 per cent of its value, eroded the country’s foreign reserves and caused rolling blackouts across towns and cities.

READ: Lebanon announces arrival of oil, gas exploration vessel in Block 9