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
NextEra CEO: Renewables Offer Cheaper Way to Meet AI Power Demand
2025-03-11 - Some forms of energy are better positioned to meet electricity needs today from both timing and cost perspectives, NextEra Energy CEO John Ketchum said at CERAWeek by S&P Global.
California Resources Advances California’s First CCS Project
2025-01-06 - California Resources Corp. will invest between $14 million and $18 million to capture the CO2, the company said in a news release.
Energy Transition in Motion (Week of Jan. 10, 2025)
2025-01-10 - Here is a look at some of this week’s renewable energy news, including guidance on technology-neutral clean electricity credits.
USA BioEnergy Secures Texas Land for $2.8B Biorefinery
2025-01-13 - USA BioEnergy subsidiary Texas Renewable Fuels plans to annually convert 1 million tons of forest thinnings into 65 million gallons of net-zero transportation fuel, including SAF and renewable naphtha.
First Ammonia Awards FEED Contract to Worley for Gulf Coast Facility
2025-01-27 - First Ammonia awarded a FEED contract to Worley for its electric ammonia facility in Victoria, Texas, along the Gulf Coast.