Lebanon is going to start producing gas and oil

Exploratory drilling for oil and gas in Lebanon's offshore Block 9 is scheduled to commence tomorrow, following a significant US-mediated agreement last year that delineated the maritime boundary between Lebanese and Israeli waters. Energy Minister Walid Fayad remarked that the upcoming day holds great historical significance for the crisis-stricken nation. The consortium responsible for the drilling operations in Block 9 is led by the French energy company TotalEnergies, with participation from the Italian oil giant ENI and QatarEnergy, a state-owned enterprise.

Fayad disclosed that the results of the exploratory drilling would be available within 67 days, and he added that the consortium has shown interest in exploring other offshore blocks adjacent to Block 9. In an official statement, TotalEnergies clarified that the consortium would be drilling a single 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.

On a preceding day, Prime Minister Najib Mikati and Parliament Speaker Nabih Berri visited the drilling rig.

Lebanon is pinning its hopes on discovering gas and oil reserves to help alleviate a severe economic crisis that has led to a staggering devaluation of the local currency, depletion of foreign reserves, and widespread power shortages throughout the country.