Lebanon’s offshore Block 9 yielded no hydrocarbon discoveries despite high hopes, according to insiders who spoke to Reuters.
The drilling operation, spearheaded by France’s TotalEnergies and involving Italian firm ENI and QatarEnergy, commenced in late August. Officials from the Lebanese Petroleum Administration and Lebanon’s energy minister opted for silence when approached for comments.
One source revealed that the drilling hit the water, finding no oil or gas reserves. The drilling activities in Block 9, which is adjacent to the recently defined maritime border with Israel, continued undeterred even amidst land border skirmishes.
The Lebanese government had been banking on oil and gas discoveries to alleviate its severe economic downturn, leading to a staggering devaluation of the local currency and widespread power outages.
Related: Qatar Just Signed A Deal To Explore Lebanon’s Oil & Gas As Soon As July
