The French and Italian oil and gas groups TotalEnergies and Eni have completed the transfer to QatarEnergy of a 30% interest in gas exploration Blocks 4 and 9 off the coast of Lebanon. TotalEnergies and Eni will each retain a 35% interest in the blocks with QatarEnergy holding the remaining 30%. QatarEnergy is thus replacing the Russian company Novatek, which withdrew from the project in 2022 and left its stake to the Lebanese government.
In 2017, TotalEnergies and Eni each were awarded a 40% stake in the blocs while Novatek got 20%. Under the new deal, Qatar Energy will take the 20% stake of Novatek in addition to 5% each from TotalEnergies and Eni. TotalEnergies has stated that the assessments for Block 9 would begin in February 2023 and that well-drilling would launch in the third quarter of 2023.
In late October 2022, Israel and Lebanon finalised an agreement demarcating a contentious maritime border between the two countries that postponed the exploration of the blocks. Israel secured full rights to the Karish field, while Lebanon got complete ownership of the Qana field, where the Blocks 4 and 9 are situated.