Qatarenergy Acquires 30% Stake In Exploration Work Off Lebanese Coast

(MENAFN- The Peninsula) QNA

Beirut: Lebanon caretaker prime minister HE Najib Mikati described QatarEnergy's acquisition of 30% exploration rights in two offshore areas off the coast of the Republic of Lebanon as exceptional, given the experience and position that QatarEnergy has reached in the global oil and gas industry.

During his meeting on Sunday with the Minister of State for Energy Affairs, President and CEO of QatarEnergy HE Eng. Saad bin Sherida Al Kaabi, the Lebanese caretaker prime minister said that the start of exploration and petroleum activities in the Lebanese waters would have a positive impact on the short and medium terms in regards to providing opportunities for Lebanese companies interested in the petroleum services sector. It would also provide job opportunities for Lebanese youths, especially those working in the technical field.

The Lebanese official stressed that the Qatari investment in the energy field constitutes a strategic partnership between Lebanon and the State of Qatar and paves the road for future Arab and Gulf investments serving the interest of Lebanon and its Arab brothers.

Mikati stressed that in the case of discovering commercial quantities, the discovery would be swiftly developed to provide the Lebanese market, especially the power plants, with natural gas, which will contribute to the growth of the local economy.

Mikati added that TotalEnergies - which owns a 35% stake, in addition to Eni - which owns a 35% stake, would start drilling operations in Block 9 after completing the environmental surveys, drilling-related operations, and the launch of logistical operations in Beirut Port.

He stressed that the consortium of companies operating in Blocks 9 and 4 would contribute to boosting investment in the energy field in Lebanon, which is a long-term investment that Lebanon would manage with good governance and absolute transparency.

He considered that the consortium of such world-renowned companies would enhance inventors' confidence in Lebanon - despite the difficult circumstance it is going through, and put Lebanon on the future oil map in the Levantine basin of the Mediterranean.

He added that Lebanon's geographical location would enable it to play a pivotal role - in addition to the fraternal countries in the region - in supplying Europe with gas, as well as encourage global companies to participate in the second licensing round for offshore blocks offered for bidding.


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