Oil and Gas Exploration Operations Begin Off the Coast of Lebanon

The French energy company 'TotalEnergies' announced that one of its drilling rigs arrived in Lebanon on Wednesday, August 16, to begin exploration off the coast of the country and, if successful, to extract oil and gas by the end of August this year. 'TotalEnergies' leads a consortium in this project, known as 'Block 9', which includes the Italian oil company 'Eni' and the state-owned 'Qatar Energy'. This action follows an agreement brokered by the United States last year, which for the first time delineated a maritime border between the waters of Lebanon and Israel. Lebanon hopes that the discovery of oil and gas will alleviate the crippling economic crisis that has resulted in a staggering 98% devaluation of its currency. This crisis has also depleted Lebanon's foreign currency reserves and led to continuous power outages in the cities of the country. Meanwhile, Lebanon's Minister of Public Works stated that the prospect of discovering oil could strengthen the country's liquidity-strapped economy. He expressed hope that Lebanon would become an energy producer. Recent developments in Israel and Lebanon have led some Arab countries to warn their citizens about traveling to Lebanon. The United States, the United Kingdom, and Canada have sanctioned the former governor of Lebanon's central bank. Mikati stated that there is no reason for 'concern or panic' regarding the situation in Lebanon. Lebanese protesters criticized the halt of investigations on the third anniversary of the Beirut port explosion.