Thu. Sep 28th, 2023

Eni and TotalEnergies have announced the transfer of a 30 percent stake in Lebanese exploration blocks 4 and 9 to QatarEnergy. The agreement was signed in Beirut and was attended by Prime Minister Najib Mikati, Minister of Energy and Water Walid Fayad, and top executives from the three companies.

The transfer gives Eni a 35 percent stake, with QatarEnergy holding 30 percent and TotalEnergies, as the operator, retaining 35 percent. This development strengthens the strategic partnership between Eni and QatarEnergy, who are already partners in various countries such as Qatar, Oman, Mexico, Morocco, and Mozambique. It also showcases the continued exploration interest in the eastern Mediterranean.

The energy sector in the eastern Mediterranean has been growing rapidly in recent years, attracting significant investment and attention from major players in the industry. The transfer of these exploration blocks to QatarEnergy is an indicator of the region’s potential and the increasing competition among energy companies to secure a share of the region’s resources.

The transfer of the 30 percent stake in blocks 4 and 9 represents a significant milestone for Eni and TotalEnergies, who are now well positioned to tap into the vast potential of the eastern Mediterranean. It is also a promising development for QatarEnergy, who have expanded their footprint in the region and have a strong partner in Eni.

The energy sector is a crucial part of the global economy and is vital for economic growth and development. The transfer of these exploration blocks is a significant step towards ensuring a sustainable energy future for the region and the world. With the transfer complete, all parties involved can now move forward and work together to maximize the potential of these blocks and contribute to the growth of the energy sector in the eastern Mediterranean.

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