Russian LNG export player Novatek in Lebanon deals

Russian LNG export player Novatek, France’s Total and Italy’s Eni signed exploration and production agreements with the government of Lebanon to explore and produce hydrocarbons offshore the country.

The deal includes offshore blocks 4 and 9 in the Eastern part of the Mediterranean Sea.

Novatek, the operator of the giant Yamal LNG export plant, has a 20% participating interest in the agreements, Total and Eni both hold 40% stakes, with Total appointed as the operator.

In October 2017, the companies submitted a bid for the two offshore blocks in Lebanon. Two months later, the government of Lebanon resolved to award the blocks to the companies as the result of the first International Competitive Offshore Licensing Round and resolved on concluding the exploration and production agreements.

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