TotalEnergies Snags Exploration Nod Offshore Lebanon

French oil company TotalEnergies TTEF.PA has obtained government approval for a new exploration permit offshore Lebanon, it said on Friday.
Total, which owns a 35% operating stake in the permit, will begin 3D seismic surveys on Block 8 with partners Eni ENI.MI (35%) and QatarEnergy (30%).

The French company began looking for natural gas in Lebanon in late 2022, following the government's landmark agreement of a maritime border with Israel in the Mediterranean Sea. An initial exploration campaign on an adjacent block was disappointing.

"Although the drilling of the well Qana 31/1 on Block 9 did not give positive results, we remained committed to pursue our exploration activities in Lebanon," TotalEnergies CEO Patrick Pouyanne said in a statement.

Initial work on Block 8 will survey exploration potential across 1,200 square kilometers (463 square miles).

Lebanese Petroleum Administration President Gaby Daaboul said Lebanon aimed to step up exploration and achieve a commercial discovery to boost the economy and support sustainable development.

Energy Minister Joseph Saddi said Lebanon was working on its fourth exploration licensing round and would propose amendments to terms within a month to attract more bidders.

Israel and Cyprus have already made major offshore gas discoveries in the eastern Mediterranean, notably the Leviathan and Aphrodite fields, highlighting the region's potential.

(Reuters)