Lebanon’s much-delayed search for offshore oil and gas is set to begin on Feb. 27 with the results from its first exploratory well expected in the next two months, the chairman of the Lebanese Petroleum Administration (LPA) said on Feb. 26.
Lebanon is on the Levant Basin in the eastern Mediterranean, where a number of big subsea gas fields have been discovered since 2009, including the Leviathan and Tamar fields located in Israeli waters near the disputed marine border with Lebanon.
A consortium of France’s Total, Italy’s Eni and Russia’s Novatek signed an agreement with Lebanon in 2018 to explore for oil and gas in two offshore blocks.
“We’ll get results in the next two months. If they are positive, we’ll move to the second phase of appraisal,” LPA Chairman Walid Nasr said during a press conference at the presidential palace with a delegation from Total.
The first well is to be drilled in Block 4. Nasr said a preparation was underway to drill wells in Block 9 later this year.
An energy discovery would be a major boost for the Lebanese economy, which is mired in an unprecedented financial crisis, but it could take several years for revenues to reach the treasury.
Raymond Ghajar, the energy and water minister, said good results will be positive for Lebanon’s ratings but noted it could be years before any find can be extracted.
“There are too many ifs. First, we need to drill, then find [oil or gas], then see the amount, then see what we can extract after two, three or four years,” he said.
Recommended Reading
Shale Outlook: E&Ps Making More U-Turn Laterals, Problem-Free
2025-01-09 - Of the more than 70 horseshoe wells drilled to date, half came in the first nine months of 2024 as operators found 2-mile, single-section laterals more economic than a pair of 1-mile straight holes.
EOG Ramps Gassy Dorado, Oily Utica, Slows Delaware, Eagle Ford D&C
2025-03-16 - EOG Resources will scale back on Delaware Basin and Eagle Ford drilling and completions in 2025.
Hibernia IV Joins Dawson Dean Wildcatting Alongside EOG, SM, Birch
2025-01-30 - Hibernia IV is among a handful of wildcatters—including EOG Resources, SM Energy and Birch Resources—exploring the Dean sandstone near the Dawson-Martin county line, state records show.
Ring May Drill—or Sell—Barnett, Devonian Assets in Eastern Permian
2025-03-07 - Ring Energy could look to drill—or sell—Barnett and Devonian horizontal locations on the eastern side of the Permian’s Central Basin Platform. Major E&Ps are testing and tinkering on Barnett well designs nearby.
Halliburton, Coterra Launch Fully Automated Hydraulic Fracturing Tech
2025-01-06 - Halliburton Energy Services and Coterra Energy’s initial rollout of their autonomous hydraulic fracturing technology led to a 17% increase in stage efficiency.