BEIRUT, Aug 4 (NNN-NNA) – Lebanon will begin exploratory drilling in its territorial waters by the end of this month, to see if it has rich energy deposits, Public Works and Transport Minister, Ali Hamieh announced yesterday. An oil and gas exploration vessel will arrive in Lebanon’s territorial waters on Aug 14, to start drilling operations in Block 9 there, the minister was quoted as saying.
The results of the exploration will be known before the end of this year to determine whether Lebanon is an oil-rich country, he added.
Lebanon and Israel finalised a U.S.-brokered maritime border demarcation deal in Oct last year, after years of negotiations, opening up the possibility for both countries to explore energy deposits in the Mediterranean Sea.
Lebanon needs revenues from the oil and gas sector, to facilitate its recovery from a protracted financial crisis that started in 2019.– NNN-NNA
