QATAR TO ACQUIRE OIL EXPLORATION BLOCK IN LEBANON

Qatar's state-owned energy company, QatarEnergy, has signed an agreement with the Lebanese government and the oil companies TotalEnergies and ENI to acquire an oil and gas exploration block on the Lebanese shelf, according to a QatarEnergy press release.

"Under the terms of the agreement, QatarEnergy will acquire a 30% stake in Block 8 for oil exploration in Lebanon, while TotalEnergies (the operator) and ENI will each hold a 35% stake," the company noted.

It is specified that Block No. 8 is located approximately 70 kilometers off the southern coast of Lebanon, at a depth of approximately 1.7-2.1 thousand meters.

Commenting on the agreement, QatarEnergy Chairman and CEO Saad Al Kaabi said the company is pleased to "acquire this exploration block, which will enable it to support the development of Lebanon's oil and gas sector."