Lebanon and East Mediterranean gas resources

Lebanon and East Mediterranean gas resources

/ Oil & Gas / Wednesday, 29 January 2020 06:38

There is no doubt that the recent discoveries in the Eastern Mediterranean have shown that the region’s continental shelf, which has long been the center of dispute among neighboring states, contains rich gas reserves.

Of course, this is good news for all Eastern Mediterranean nations, including Turkey, Egypt, Israel, Lebanon, Syria and Cyprus.

For years, the Lebanese government and the consortium led by the French giant ‘Total’ responsible for this activity, have been postponing the exploration’s starting date. However, the French energy and oil major, Total, announced in November 2019 that it will start drilling for gas in the Eastern Mediterranean waters offshore Lebanon as of next month.

Total, leading a consortium consisting of Italy’s Eni and Russia’s Novatek, will drill a well in Block 4, which was awarded in 2017.

Lebanon is eager to begin exploration, as it will have a very positive impact on its energy bill (mainly electricity), and shrink its large deficit.

Lebanon’s economic crisis is exacerbating and the country doesn’t afford to wait any longer. Even if exploration doesn’t mean drilling and exportation as of yet, but it will at least give hope to Lebanon’s sinking economy and currency devaluation.

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