Lebanon Businessnews News

Qatar getting ready
to partner in Block 9
Lebanese government temporarily hands

former stake of Novatek to TotalEnergies

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The government has temporarily increased the exploration stake of the French petroleum giant TotalEnergies in Block 9 to 60 percent from 40 percent currently.

The additional 20 percent stake belonged to the Russian group Novatek which has exited the offshore exploration consortium. The consortium also includes the Italian multinational energy company Eni which has a stake of 40 percent.

The understanding between TotalEnergies and the government was that the French group would enter negotiations with state-owned QatarEnergy over the stake of Novatek, according to two sources cited by Reuters. The exploration and production agreement for Block 9 requires that the consortium must consist of three partners. Qatar had previously expressed an interest in joining the consortium.

“Qatar was expected to enter the consortium within three months and was seeking a 30 percent stake, comprised of Novatek’s former 20 percent stake, and a five percent stake from each of TotalEnergies and Eni,” the two sources said.
Date Posted: Oct 27, 2022
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