Lebanon will sign an oil and gas exploration and production agreement signed by French consortium Total, Italy’s Eni and Novatek to Energy and Water Minister Cesar Abu Khalil on February 9 under the auspices of President Michel. Aoun. Abu Khalil said that the consortium, which “granted two exclusive oil licenses in both plots 4 and 9, deposited the exploration and production agreements signed by these companies with the guarantees of the implementation of related petroleum activities.” He stressed that companies “have complied with the deadline stipulated in the book of conditions to deposit the agreements and guarantees.”
He said: “Pursuant to the provisions of the book of conditions that allow oil rights companies to establish wholly owned and signed joint-stock companies, the signed agreements signed by the consortium signed by Total E & B Lebanon (the establishment in Lebanon) Right Total SA, and Eni Lebanon BV (The enterprise in the Netherlands) and wholly owned by the right holder Eni International B.V. and «Novatek» Lebanon (the institution in Lebanon) and wholly owned by the owner of the right JSC Novatek ». He stressed that «companies owned oil rights granted the associated companies, the guarantees of the parent company in accordance with the provisions of the book of conditions».
Abu Khalil said that the official celebration of the signing of the two agreements will be announced by President Michel Aoun at 3 pm on February 9 at the Royal Pavillon in Beirut.