Lebanon announced on Sunday that Qatar has entered a consortium to explore for offshore gas in the Mediterranean Sea off the Lebanese coast.
The country is also counting on the participation of some other Gulf states in the consortium, a political observer said.
Lebanon is hoping the exploration and discovery of commercial quantities of oil and gas will help it overcome its current economic crisis.
The deal will see QatarEnergy receive a minority 30 percent stake in the two blocks of Lebanon’s exclusive economic zone.
QatarEnergy joins the consortium of TotalEnergies of France and Italy’s Eni company for oil and gas exploration in the two Lebanese blocks following the withdrawal of Russia from the agreement.
Lebanon’s share would range from 54 to 63 percent after the deduction of operational and capital costs, in any instance of oil and gas discovery.
The new agreement was signed by Walid Fayad, Lebanon’s energy minister; Saad bin Sherida Al-Kaabi, Qatar’s energy minister and president and CEO of QatarEnergy; Patrick Pouyanne, CEO of TotalEnergies; and Claudio Descalzi, CEO of Eni.
The ceremony was held at the headquarters of the Lebanese prime minister and in the presence of the ambassadors of Qatar, France and Italy.
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