QatarEnergy has signed agreements with the Government of Lebanon, TotalEnergies, and Eni to acquire interests in two exploration blocks offshore Lebanon.
Following the exploration and production sharing agreements signed in Beirut, Qatar Energy has secured a 30% working interest in blocks 4 and 9 while TotalEnergies and Eni each hold a 35% interest, with TotalEnergies serving as the operator for the two blocks.
The agreements were signed by Qatar’s Minister of State for Energy Affairs, QatarEnergy president and CEO Saad Sherida Al-Kaabi, Lebanon Minister of Energy and Water Dr. Walid Fayad, TotalEnergies chairman and CEO Patrick Pouyanné, and Eni CEO Claudio Descalzi.
This represents QatarEnergy’s first endeavour in Lebanon.
Commenting on the development, Al-Kaabi said: “We are pleased to work with TotalEnergies and Eni, with whom we share a long history of cooperation, and who have a deep understanding of the region and a proven exploration track record. We look forward to beginning work on this promising endeavour, and hope that these efforts are successful for the benefit of Lebanon and its people.”
Situated approximately 80km off the coast of southern Lebanon in water depths of nearly 1,700m, block 9 has a total area of 1,749km². Block 4, which is located in water depths of approximately 1,500m, has a total area of 1,911km².
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In a separate development, Eni and the National Oil Corporation of Libya (NOC) signed an agreement for the development of Structures A&E, which is considered a strategic project to boost gas production to supply to the domestic market of Libya and export to Europe.
Since early 2000, Structures A&E has been seen as the first major project in Libya and features the development of two gas fields, structures A and E, both of which are located in contractual area D.
The total gas production from these two structures will commence in 2026 and reach a level of 750 million standard cubic feet of gas per day.
Production from the two structures will be ensured via two primary platforms tied into the current treatment facilities at the Mellitah Complex.
Meanwhile, TotalEnergies’s Canadian business, Total EP Canada, has exercised its preemption right to buy a further 6.65% interest in the Fort Hills Energy Limited Partnership and related sales and logistics agreements for C$312m ($233.9m), from Teck Resources.
Fort Hills is situated 90km from Fort McMurray in Alberta.
Before this deal, TotalEnergies EP Canada had a working interest of 24.58% in the Fort Hills project and now holds a 31.23% stake.
TotalEnergies EP Canada also has a 50% working interest in the Surmont project, which is situated in the region.
Last year in September, TotalEnergies announced its plan to exit oil sands in Canada by spinning off TotalEnergies EP Canada this year.
Via the acquisition of a further interest in Fort Hills, TotalEnergies EP Canada is looking at building the future of the spin-off entity with an asset that comes with growth potential in the long term.