Qatar's energy giant joins Lebanon gas exploration group
France’s TotalEnergies, which is also part of the consortium, said they hope to start drilling in Lebanese waters for oil and gas in 2023.
QatarEnergy, Qatar's state-owned oil and gas company, will participate in oil and gas exploration off the coast of Lebanon, Reuters reported on Thursday.
The company will join France’s TotalEnergies and Italy’s Eni in exploring two offshore blocks. QatarEnergy will have a 30% stake in the enterprise, while TotalEnergies and Eni will each have 35%. The arrangement had been in talks since October, according to Reuters.
In November, Israel approved QatarEnergy’s participation in the plans.
What it means: Israel has been pumping natural gas from the eastern Mediterranean Sea for years. However, Lebanon claimed part of Israel’s exploration area as its own maritime territory. Following US-brokered negotiations, Israel and Lebanon reached an agreement on the border last October.
