Search Site

Trends banner

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

Lebanon asks TotalEnergies to launch gas search ‘immediately’

Lebanon initially demanded 860 square kilometers (330 square miles) of territory in the disputed maritime area. (AFP)
  • TotalEnergies is part of a consortium of energy giants awarded a license to explore for gas in two of Lebanon's 10 blocks, numbers 4 and 9.
  • One well drilled in Block 4 in 2020 by TotalEnergies, Eni and Novatek showed only traces but no commercially viable gas deposits.

Beirut, Lebanon—Lebanon on Tuesday asked French energy giant TotalEnergies to kickstart gas exploration off its shores, after Israel said the two countries have reached a US-mediated deal to settle their maritime border.

Lebanon’s search for gas riches in the hydrocarbon-rich eastern Mediterranean had stalled since 2020 over competing claims with Israel over offshore gas fields.

Following Israel’s announcement on Tuesday, Lebanon’s caretaker prime minister, Najib Mikati, met a visiting delegation from TotalEnergies — which was awarded an exploration license in 2018.

“During the meeting, Mikati called on representatives of TotalEnergies to immediately begin taking operational steps to drill in Lebanese waters,” his office said in a statement.

Lebanon has yet to officially agree to the deal, but Mikati said he hoped a “conclusion would be reached soon” that could pave the way for “gas exploration in Lebanese waters”.

Lebanon’s energy minister, Walid Fayad, who also attended the meeting, said that “logistical matters take time, but work will start immediately”.

TotalEnergies is part of a consortium of energy giants awarded a license to explore for gas in two of Lebanon’s 10 blocks, numbers 4 and 9.

One well drilled in Block 4 in 2020 by TotalEnergies, Eni and Novatek showed only traces but no commercially viable gas deposits.

Block 9, near the border with Israel, contains the so-called Qana field or Sidon reservoir, and will be a major zone for offshore exploration after a deal is finalised, according to Lebanese officials.

Lebanon will “get its full rights from the Qana field”, and Israel could receive compensation through Total, said Elias Bou Saab, Lebanon’s lead negotiator in the maritime border talks.