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    Lebanon waives TotalEnergies' share in gas exploration consortium

Summary

Lebanon's caretaker cabinet on Wednesday approved a decision to waive TotalEnergies' 40% stake in a consortium to explore the country's maritime Bloc 9.

by: Reuters

Posted in:

Complimentary, Natural Gas & LNG News, Middle East, Exploration & Production, Licensing rounds, Contracts and tenders, News By Country, Lebanon

Lebanon waives TotalEnergies' share in gas exploration consortium

TotalEnergies was leading a consortium of three companies to explore two maritime blocs off the Lebanese coast for possible gas.

Russian firm Novatek, which had a 20% stake, pulled out in October and talks had been underway to find a replacement partner. In the interim, the 20% stake had gone to the Lebanese government.

Under the new arrangement spelled out in Wednesday's cabinet decision, TotalEnergies' share would go to firm DAJA 215 while the Lebanese state’s share would temporarily go to DAJA 216.