Lebanese Bidding: Saved By The Bell With Total/Eni/Qatar Set To Snag Key Blocks

6 Oct 2023 Issue: 66 / 40 By: Peter Stevenson

After numerous extensions Lebanon closed biding for eight offshore blocks on 2 October. Though only two bids were received, a decision by TotalEnergies/Eni/QatarEnergy to double down on their position is a better result than could have been expected given Lebanon’s collapsing economy and dysfunctional government.

A consortium teaming French major TotalEnergies, Italy’s Eni and Qatari state firm QatarEnergy was the only bidder in Lebanon’s latest bid round which closed on 2 October. The consortium has bid for Blocks 8 and 10 to add to its Blocks 4 and 9 (Total 35%op, Eni 35%, QatarEnergy 30%). Drilling of the highly-anticipated Qana prospect on Block 9 is ongoing.

The consortium waited until the last minute to bid, suggesting that it was hoping for an initial indication of Qana results before taking the plunge. Total and its partners were also perhaps wary that news of their interest might have tipped-off prospective bidding rivals. (CONTINUED - 702 WORDS)