Lebanon to sign gas exploration deal on Friday, cabinet says

TotalEnergies' Transocean Barents drilling rig used to explore oil and gas areas off Lebanon's coast in 2023. A deal surrounding the exploration of Block 9 is expected to be announced on Friday. (TotalEnergies/File)

Lebanon will sign ​a gas exploration deal with a consortium comprising QatarEnergy, TotalEnergies and Italy's Eni in the ‌country's Block ‌8 offshore ‌area, ⁠the ​Lebanese ‌cabinet said on Thursday.
In 2023, Lebanon granted a license to conduct seismic studies ⁠on Block 8 ‌to Bright ‍Skies ‍and GeoX.
Lebanon hopes ‍gas and oil discoveries will help it to reverse ​a crippling economic crisis that has ⁠cost the local currency more than 98% of its value, eroded the country's foreign reserves and caused rolling blackouts across towns ‌and cities.