Struggling financially, Lebanon is pinning hopes on potential gas findings to lift itself from its most severe modern economic and financial downturn.
The rig is expected to begin drilling in September in Lebanese waters near the border with Israel. Photo: AP
On Wednesday, Lebanese Cabinet ministers said the rig is expected to begin drilling in September in Lebanese waters near the border with Israel after the two countries reached a deal last year on their maritime border.Cash-strapped Lebanon hopes that future gas discoveries will help the small Mideast nation pull itself out of the worst economic and financial crisis in its modern history.
In 2017, Lebanon approved licenses for an international consortium including France’s TotalEnergies, Italy’s ENI and Russia’s Novatek to move forward with offshore oil and gas development for two of 10 blocks in the Mediterranean.the two blocks were disputed by neighbouring Israel until the maritime border deal was reached last year. In January, Lebanon, ENI, TotalEnergies and state-owned oil and gas company Qatar Energy signed an agreement in which the Qatari firm replaced Novatek.
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