Lebanon’s President Joseph Aoun is hopeful for TotalEnergies to restart offshore oil and gas exploration. QatarEnergy has joined TotalEnergies and Eni in seeking resources off Lebanon’s coast, though prior drilling yielded no results. Political stability and a government are essential for advancing these energy projects amid the country’s economic crisis.
On Tuesday, Lebanese President Joseph Aoun expressed optimism regarding TotalEnergies resuming oil and gas exploration offshore Lebanon. This statement was made during a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. It follows a 2023 collaboration between QatarEnergy, TotalEnergies, and Italy’s Eni, aimed at exploration in two maritime blocks. However, previous offshore drilling efforts failed to yield hydrocarbon discoveries in 2023.
Lebanon has been striving to uncover oil and gas reserves to alleviate its ongoing economic crisis. Drilling activities faced setbacks due to prior conflicts with Israel and Hezbollah. A ceasefire agreement late last year allowed these plans to be reconsidered. The establishment of a new government is also crucial, as reconstruction efforts related to oil and gas depend on political stability following the election of President Aoun in January.
Lebanon’s efforts to activate its offshore oil and gas exploration are contingent on multiple factors, including political stability and the collaboration of international energy companies. The hope expressed by President Aoun signals a desire to utilize these resources to combat Lebanon’s significant economic challenges. Progress will depend on the effective establishment of a functioning government and successful negotiations with exploration partners.
Original Source: www.zawya.com
