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
Argent LNG, Baker Hughes Sign Agreement for Louisiana Project
2025-02-03 - Baker Hughes will provide infrastructure for Argent LNG’s 24 mtpa Louisiana project, which is slated to start construction in 2026.
Q&A: Where There’s a Williams, There’s a Way for Gas
2025-04-09 - Midstream giant Williams Cos. leads the natural gas bulls on the great infrastructure buildout, President and CEO Alan Armstrong tells Hart Energy.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
What's Affecting Oil Prices This Week? (Feb. 3, 2025)
2025-02-03 - The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
Italy's Intesa Sanpaolo Adds to List of Banks Shunning Papua LNG Project
2025-02-13 - Italy's largest banking group, Intesa Sanpaolo, is the latest in a list of banks unwilling to finance a $10 billion LNG project in Papua New Guinea being developed by France's TotalEnergies, Australia's Santos and the U.S.' Exxon Mobil.