Whole Energies, Eni, and Qatar Power have thrown their hats in for rights to discover blocks 8 and 10 in Lebanese waters. This transfer comes after a number of deadline extensions for the reason that bid’s introduction in April 2019.
2013 noticed Lebanon inviting bids for hydrocarbon exploration. Nevertheless, politics and corruption delayed progress.
A flip got here final 12 months when Lebanon marked its maritime borders with Israel, a deal facilitated by the US. This settlement paved the best way for the present consortium to drill in block 9, incorporating the beforehand contested Qana subject.
Whereas Israel enjoys part of the potential earnings from the Qana subject, the total realization of those offshore belongings for Lebanon stays years away, as indicated by specialists.
In the meantime, the financial panorama of Lebanon stays grim: a 40% lower in GDP, and the Lebanese pound has devalued massively towards the greenback since 2019.
In distinction, submit the maritime settlement, Israel has noticed an uptick in pure gasoline royalties.
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