Beirut, Lebanon – French company Total Energies announced on Friday that it has officially received approval from the Lebanese government to grant it a new license to explore for oil in a designated Block.
and gas in maritime area No. 8 (Block 8), located off the southern coast of Lebanon,
as part of an international alliance that includes two Italian and Qatari companies.
Alliance and licensing details
The licensing agreement was signed at the Government Palace in downtown Beirut,
in the presence of Lebanese Energy Minister Joe Saadi and officials from the international consortium.
Under the agreement, the partners’ shares are distributed as follows:
Total Energies (France): 35% as the main operator, Eni (Italy): 35%, and Qatar Energy: 30%.
Total Energies confirmed in a statement that the consortium will immediately begin
carrying out 3D seismic surveys covering approximately 1,200 square kilometers.
This is with the aim of assessing the geological structure and identifying exploration potential in the region.
The importance of “Block 8” and the regional context
This step is of particular strategic importance, as it comes after the maritime border demarcation agreement between Lebanon and Israel.
Which was concluded in 2022 with American mediation, and opened the door to launching exploration operations in southern Lebanese waters.
The “Block 8” license is Beirut’s latest move in its quest to attract global energy companies and strengthen its position on the gas map in the Eastern Mediterranean basin.
Economic hopes are pinned on the gas sector
Lebanon, which is facing one of the worst economic and financial crises in its modern history, is betting on the energy sector as a long-term strategic way out.
The entry of the international consortium led by Total Energies into Block 8 represents a practical transition
from the stage of political understandings regarding maritime borders to the stage of actual economic investment.
In a move that observers believe could constitute a gradual turning point in the course of the complex Lebanese crisis.
