Oil Giant Total Announces Gas Exploration in Lebanon Next Year

Officials from the France-based multinational oil company Total, who met with Lebanese President Michel Aoun, announced that they will start gas exploration in the territorial waters south of Lebanon from 2023.

According to statements recorded by the Lebanese presidential office, Michel Aoun hosted a high-level delegation from Total at the Baabda Palace. Avn announced that gas exploration in Block 9, located in the territorial waters in the south of the country, will start as soon as possible, thus making up for the time lost due to indirect negotiations. Exploration will start in early 2023. On October 13, Lebanese President Michel Aoun said that they had approved the final draft of the maritime border agreement with Israel after the Tel Aviv administration. Lebanese Deputy Speaker of the Lebanese Parliament Ilyas Abu Saab announced on October 16 that the final text of the agreement with Israel could be signed on October 26 or 27. Border Dispute Israel and Lebanon have a dispute over 860 square kilometers of maritime territory, with both countries claiming rights to the continental shelf of this area. Israel states that three of the five blocks that the Lebanese government has started the licensing process are located in the border area of the Israeli continental shelf, while the Lebanese side emphasizes that the disputed area is 2,290 square kilometers. On October 11, Israeli Prime Minister Yair Lapid made statements stating that Israel and Lebanon had reached an agreement on the demarcation of the maritime borders. The Lebanese Presidency underlined that all Lebanon's rights were protected in the final draft agreement sent by the US, which is the mediator in the maritime demarcation negotiations with Israel. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!