Complete Energies, Eni, and Qatar Vitality have thrown their hats in for rights to discover blocks 8 and 10 in Lebanese waters. This transfer comes after a number of deadline extensions because the bid’s introduction in April 2019.
2013 noticed Lebanon inviting bids for hydrocarbon exploration. Nonetheless, politics and corruption delayed progress.
A flip got here final 12 months when Lebanon marked its maritime borders with Israel, a deal facilitated by the US. This settlement paved the way in which for the present consortium to drill in block 9, incorporating the beforehand contested Qana area.
Whereas Israel enjoys part of the potential earnings from the Qana area, the complete realization of those offshore belongings for Lebanon stays years away, as indicated by consultants.
In the meantime, the financial panorama of Lebanon stays grim: a 40% lower in GDP, and the Lebanese pound has devalued massively towards the greenback since 2019.
In distinction, submit the maritime settlement, Israel has noticed an uptick in pure gasoline royalties.
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