The US Is Considering Investing on Lebanon’s Oil and Energy

The assistant secretary of state for Near Eastern affairs, David Satterfield, met on Tuesday morning with Energy Minister Nada Boustani to discuss the resolution of maritime borders with and the possible oil sites that are currently disputed. 

 

In the meeting, Satterfield mentioned that he is “encouraging” the U.S. government and American companies to invest in Lebanese oil and energy. He has been traveling back and forth from Tel Aviv to to mediate disputes over the border territories since early May. 

Both and have agreed to expedite the process to find a resolution soon. wants to find its first natural gas reserve, yet already has several sites. 

Via Lebanon Gas and Oil

 

However, no American investments in Lebanese natural gas have been made as of yet. The first bidding took place over offshore oil and gas licensing along the border with three major companies as the victors so far: French gas company Total, Russian company Novatek, and Italian company Eni. 

A second bidding round for licensing is set to take place later on, with the deadline put in place for Jan. 31st of 2020. 

After meeting with Energy Minister Boustani, Satterfield went on to meet with Prime Minister and Speaker in order to inform them of the latest feedback from over the disputed maritime border. 

 

Via Asharq Al-Awsat

There are 13 different sites that are currently disputed by Lebanese officials over the U.N.-designated Blue Line with . The total area of disputed territory amounts to approximately 856 square meters.

According to Minister Boustani, drilling will begin to take place in Block 4 later on this year and drilling in Block 9 is projected to start in May of 2020. She also has emphasized transparency throughout the entire bidding process.

 

The second round of bidding has already started, and which companies will also obtain licensing for offshore natural gas remains yet to be seen. 


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