French oil giant Total to launch gas exploration activities in the Mediterranean Sea off Lebanon’s coast, following last month’s Lebanon-Israel maritime border deal
Lebanon hopes that future gas discoveries will help it pull itself out of the worst financial crisis in the country's modern history.
The border deal envisages that the disputed waters would be divided along a line straddling the “Qana” natural gas field in the Mediterranean. The company's statement said TotalEnergies would have 60 percent stake in the operation and ENI the rest. “By bringing our expertise in offshore exploration, we will respond to the request of both countries to assess the materiality of hydrocarbon resources and production potential in this area,” Pouyanne added.Economic advantage
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