Total Energies, Eni, and Qatar Energy have thrown their hats in for rights to explore blocks 8 and 10 in Lebanese waters. This move comes after several deadline extensions since the bid’s introduction in April 2019.
2013 saw Lebanon inviting bids for hydrocarbon exploration. However, politics and corruption delayed progress.
A turn came last year when Lebanon marked its maritime borders with Israel, a deal facilitated by the US. This agreement paved the way for the current consortium to drill in block 9, incorporating the previously contested Qana field.
While Israel enjoys a part of the potential profits from the Qana field, the full realization of these offshore assets for Lebanon remains years away, as indicated by experts.
Meanwhile, the economic landscape of Lebanon remains grim: a 40% decrease in GDP, and the Lebanese pound has devalued massively against the dollar since 2019.
In contrast, post the maritime agreement, Israel has observed an uptick in natural gas royalties.