Tuesday, 26 October 2021 10:32 GMT

Lebanon: consortium of France’s Total, Italy’s Eni, Russia’s Novatek remains committed to signeddeal

(MENAFN)According to the Lebanese Petroleum Administration (LPA) a consortium of France’s Total, Italy’s Eni and Russia’s Novatek continued committed to an oil exploration deal it inked with Lebanon in 2018.

As a reaction to claims by the local press, the LPA stated that the consortium suspended its work in Block 9 that covers 860 square kilometers (332 square miles) and is thought to hold rich oil and natural gas deposits.

It further declared that as the consortium stayed committed to the deal, work on the block was suspended until Oct. 22, 2022 as a result to the COVID-19 pandemic.

The latter is going to explore for oil and gas during a five-year exploration phase that can be prolonged to 10 years with the confirmation of the Lebanese Council of Ministers, based on the original deal inked amid the country and the consortium.

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