Lebanon’s President Joseph Aoun hopes for the quick resumption of oil exploration by TotalEnergies after a hiatus caused by regional conflicts. QatarEnergy has joined TotalEnergies and Eni in exploring maritime blocks, although 2023 drilling efforts yielded no discoveries. The shift towards exploratory drilling relies on a stable political backdrop following leadership changes that ended a lengthy presidential vacuum.
Lebanon’s President Joseph Aoun expressed optimism regarding the resumption of oil and gas exploration by TotalEnergies off Lebanon’s coast during a conversation with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. In 2023, QatarEnergy joined TotalEnergies and Italy’s Eni in a consortium aimed at exploring two maritime blocks for hydrocarbon resources. However, no significant hydrocarbon discoveries were made from exploratory drilling in that year.
The exploration plans have faced setbacks due to regional conflicts, notably between Israel and Hezbollah. This conflict delayed Lebanon’s hopes of using hydrocarbon discoveries to alleviate its severe economic crisis. Restoration efforts, including oil exploration, are contingent upon the establishment of a new Lebanese government after the election of President Aoun in January, which ended a prolonged presidential vacuum.
The context of this article involves Lebanon’s strategic efforts to initiate oil and gas exploration amidst a challenging economic situation exacerbated by political instability and regional conflicts. The consortium formed by QatarEnergy, TotalEnergies, and Eni was created to harness potential hydrocarbon resources in previously unexplored maritime territories. Significant reservations stem from earlier drilling activities that did not yield any results, impacting Lebanon’s recovery plans.
Lebanon is eager to resume hydrocarbon exploration in hopes of alleviating its economic difficulties. The country’s efforts are hinged on political stability following the election of a new president and the establishment of a functioning government. The ongoing collaboration with international energy firms is crucial to reinvigorate the sector, pending resolution of regional tensions that have previously hindered progress.
Original Source: money.usnews.com
