TotalEnergies, Eni transfer 30% interest to QatarEnergy in Lebanese exploration blocks

TotalEnergies and Eni have finalized the transfer to QatarEnergy of a 30% interest in exploration Blocks 4 and 9 off the coast of Lebanon, the companies said over the weekend.

Under the terms of the agreements, TotalEnergies and Eni will each retain a 35% stake in the blocks, while QatarEnergy will hold the remaining 30%.

The agreements were endorsed in Beirut on Sunday at a ceremony attended by Walid Fayad, the Minister of Energy and Water of Lebanon, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, as well as Claudio Descalzi, Chief Executive Officer of Eni.

“We are very pleased to welcome QatarEnergy in our exploration acreage in Lebanon. The recent delineation of Lebanon’s maritime border with Israel has created a new momentum for the exploration of its hydrocarbon potential. Along with our partners, we are committed to drilling as soon as possible in 2023 an exploration well in Block 9, and our teams are mobilized to conduct these operations,” Patrick Pouyanné, CEO of TotalEnergies, said in a press release.