NOVATEK Signs Exploration & Production Agreements in Lebanon

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(Image Courtesy: TOTAL)

PAO NOVATEK (NOVATEK), Total and Eni signed exploration and production agreements with the Government of Lebanon to explore and produce hydrocarbons on the offshore blocks 4 and 9 in the Eastern part of the Mediterranean Sea.

NOVATEK’s participating interest in the Agreements is 20%, Total and Eni both hold 40% stakes, with Total appointed as the Operator. In October 2017, NOVATEK jointly with Total and Eni submitted a bid for the two offshore blocks in Lebanon.

In December 2017, the Government of Lebanon resolved to award the blocks 4 and 9 to the bidders as the result of the first International Competitive Offshore Licensing Round and resolved on concluding the exploration and production agreements.

Sea News, February 12