Qatar's energy giant cements Lebanon deal, substituting Russia
The Qatari firm officially took over the stake previously held by a Russian company.
QatarEnergy formally agreed Sunday to take a stake in Lebanon’s offshore energy exploration blocks, substituting Russia's Novatek in a deal that US envoy Amos Hochstein helped broker.
The deal was signed in Beirut with France’s TotalEnergies and Italy’s Eni. QatarEnergy took a 30% stake in Blocks 4 and 9 in Lebanon’s Mediterranean Sea territory, while TotalEnergies and Eni will now each have a 35% stake, according to a press release.
TotalEnergies chairman and CEO Patrick Pouyanne said, “The recent delineation of Lebanon’s maritime border with Israel has created a new momentum for the exploration of its hydrocarbon potential.”
Why it matters: The deal follows Israel and Lebanon agreeing on the demarcation of their maritime border last October after more than a year of US mediation. The two countries have technically been at war since the state of Israel declared independence in 1947, and tensions between Israel and the Iran-backed Hezbollah organization remain high.
