QatarEnergy is in talks with the Lebanese government to acquire a 30 percent stake in an offshore exploration area and is also negotiating with TotalEnergies and Eni in this regard, announced CEO Saad al-Kaabi.
Two sources told Reuters last week that TotalEnergies and the Lebanese government have reached a deal handing the French oil significant temporary majority control of the block and paving the way for negotiations with Qatar over a stake in the gas project.
"We are in the process of discussing that with the government of Lebanon and the partners, Total and ENI, for a participation of around 30 percent ownership of that exploration block," Kaabi said.
"In due course, when we get that basically finalized as an agreement, and we sign that agreement, we will announce it."
The initial exploration license was held by a three-part consortium of TotalEnergies, Italy's Eni, and Novatek. Beirut announced in September that Novatek, which had a 20 percent stake, would exit.
Lebanon's cabinet issued an unpublished decision on Oct. 21, assigning Novatek's stake to a firm called Daja 216 and transferring TotalEnergies's 40 percent stake to another company, Daja 215.
The two sources had told Reuters that Daja 215 and Daja 216 were TotalEnergies vehicles.
The sources had said that the understanding between TotalEnergies and Lebanon was that the French group would enter negotiations with QatarEnergy over the former Novatek stake and that Qatar was seeking a 30 percent stake, comprised of Novatek's former stake and a five percent stake from each of TotalEnergies and Eni.
Meanwhile, Qatar named ConocoPhillips as the third and final partner on the North Field South expansion project, part of the world’s largest liquefied natural gas (LNG) project.
Kaabi said in a press conference that ConocoPhillips would acquire a 6.25 percent interest in the project.
State-owned QatarEnergy had already announced Shell and TotalEnergies as partners in the North Field South expansion. Kaabi said each company would hold a 9.375 percent stake.
QatarEnergy earlier this year signed deals for North Field East, the first and larger phase of the two-phase North Field expansion plan, which includes six LNG trains that will ramp up Qatar's liquefaction capacity to 126 million tonnes per year by 2027 from 77 million tonnes.
LNG supplies and capacity have taken on particular importance since Russia's invasion of Ukraine in February has led to cuts in Moscow's gas supplies.
