NNA - Lebanon witnessed today a historic event represented in holding the official signing ceremony of the "amending annexes to the Exploration and Production Agreements in Blocks 4 and 9", on the occasion of "Qatar Energy" Company's joining as a partner with "Total Energy" and "Eni" Companies, under the auspices and in presence of Caretaker Prime Minister Najib Mikati at the Grand Serail.
Caretaker Minister of Energy and Water, Dr. Walid Fayyad, signed on behalf of the Lebanese side; the Minister of State for Qatari Energy Affairs and the CEO of Qatar Energy, Eng. Saad bin Sherida Al-Kaabi on behalf of the Qatari side; the CEO of the "Total Energy" Group, Eng. Patrick Pouyanné, representing the French company, and the CEO of the "Eni" Group, Eng. Claudio Descalzi, representing the Italian company, in the presence of the ambassadors of Qatar, France and Italy.
This step comes after "QatarEnergy" Company became a partner in a consortium of oil rights holders in Blocks 4 and 9 in the Lebanese marine waters as a non-operating oil right holder, joining the French "Total Energy" and the Italian "Eni" operators.
The participation rates in each of the two agreements, due to the concessions of the participation rates in both agreements belonging to Blocks 4 and 9, duly approved by the Council of Ministers (extraordinary approval), are as follows:
- "Total Energy" 35% (thirty-five percent)
- "Eni" 35% (thirty-five percent)
- "Qatar Energy" 30% (thirty percent)
This new partnership coincides with the practical procedures initiated by the operator to carry out exploration and drilling activities in Block No. 9 during this year, whereby Lebanon’s share in the event of a discovery will range between 54 percent and 63 percent after deducting operational and capital costs.
In his delivered address during the press conference held after the signing ceremony, Lebanese Energy Minister Fayyad considered that this represents "a prelude to a new phase that contributes to consolidating Lebanon's position on the oil map in the region."
"We meet today in this historical edifice that testifies to the contemporary history of Lebanon with all its challenges, crises and prosperous past. We look forward to this event, which Lebanon has not witnessed over the past fifty years, to mark the beginning of a new phase that contributes to consolidating Lebanon's position on the oil map in the region, enhances its role as an investment destination, and opens a window of hope for a future phase that heralds the prosperity of our beloved country, Lebanon, and the well-being of its people." Fayyad said.
Welcoming the Qatari, French and Italian partners within the exploration trip for natural resources in Lebanon, he expressed pride in Lebanon's success, through the Ministry of Energy and Water and the Petroleum Administration, to attract this solid alliance consisting of the most important international companies in the field of oil and gas extraction.
"This indicates the continuation of confidence in Lebanon despite all the ordeals and crises that it is going through, and the hopes pinned on making commercial discoveries in the exclusive Lebanese economic zone," Fayyad underlined.
=========R.Sh.
