In a significant development for Lebanon's energy prospects, the TransOcean Barents drilling rig arrived in Block 9 on Wednesday, marking the commencement of exploration activities in the region. Ali Hamie, the Minister of Public Works and Transport, shared the news on Twitter, underlining the progress made since the groundbreaking US-brokered agreement last year that successfully delineated the long-disputed maritime border between Lebanon and Israel.
The exploration consortium, spearheaded by France's energy giant TotalEnergies and joined by Italian oil corporation ENI and state-owned QatarEnergy, is poised to unlock the untapped potential of Block 9. As anticipation builds, Lebanon's Energy Minister Walid Fayad expressed his optimism in May, stating that a determination on the presence of substantial reserves could be reached by the close of the year. ENI CEO Claudio Descalzi echoed this sentiment in January, expressing confidence in the likelihood of a discovery.
For Lebanon, the stakes are high. The nation is banking on the successful exploration and extraction of oil and gas reserves to alleviate the ongoing economic crisis that has gripped the country. The prospective proceeds from the energy sector could provide a much-needed boost to Lebanon's struggling economy.
In the event of a fruitful discovery, Lebanon's share of the resources is estimated to range from 54 to 63 percent, accounting for operational and capital costs. This potential windfall holds the promise of a brighter economic future for the nation, fostering hope for stability and growth.
A nod of appreciation was directed towards US mediator Amos Hochstein and his team by Najib Mikati, the Lebanese caretaker prime minister, in January. Their adept handling of the intricate negotiation process between Lebanon and Israel played a pivotal role in establishing the maritime borders, culminating in the historic agreement reached at the end of the previous year.
The momentum continued in February with promising developments in the Qana gas field project. The Janus 2 expedition completed an extensive eight-day mission, capturing crucial seabed imagery and obtaining water and sediment samples. These efforts stand as a testament to Lebanon's determination to harness its offshore energy potential and usher in a new era of economic vitality.