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TotalEnergies maintains grip on Lebanese offshore blocks: Oil and gas licensing round
News Bulletin Reports
13-06-2024 | 13:00
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TotalEnergies maintains grip on Lebanese offshore blocks: Oil and gas licensing round
Report by Bassam Abou Zeid, English adaptation by Yasmine Jaroudi
Lebanon's third licensing round for oil and gas exploration in its offshore blocks is set to conclude on July 2, except for Block 9, where a consortium comprising TotalEnergies, Eni, and Qatar Energy is already operating.
However, with global companies showing little enthusiasm for participation at this stage, there is a move to extend the licensing period until February next year.
Political and security stability in the region is crucial for the oil and gas sector. It is hoped that by then, long-term political and security agreements will be in place, with Lebanon playing a key role.
Concurrently, it is becoming increasingly evident that TotalEnergies aims to maintain its dominant position in Lebanon, operating on its own terms and timetable. This is facilitated by the Lebanon-Israel border demarcation agreement, which sets a framework for how TotalEnergies, as the operator of Block 9, should engage with both Lebanon and Israel in exploration and extraction activities.
Therefore, it seems inevitable that TotalEnergies will continue its operations in the southern border blocks 8, 9, and 10, especially if discoveries extend beyond Line 23 in both directions. Caretaker Prime Minister Najib Mikati also supports TotalEnergies.
The French company has delayed submitting the report on the drilling results in Block 9, as well as the environmental report post-drilling. Lebanon has not taken any legal action to enforce submission or terminate the contract, fearing the absence of any operating companies.
Additionally, Mikati has not moved forward with a Cabinet decree allowing companies with a turnover of $1 billion or more to participate in the licensing round.
Mikati is reluctant to take steps that might alienate TotalEnergies. He has informed the Energy Ministry and the Petroleum Administration Authority that he does not wish to take any measures that could lead to TotalEnergies' departure at this stage.
According to sources, this stance is agreed upon between Mikati and the French leadership, including President Emmanuel Macron.
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