2023-07-10 08:23:10
Caretaker Minister of Energy and Water, Walid Fayyad, confirmed that “we have sensed a positive atmosphere promising the presence of commercial quantities of gas, as reported by the partner companies with the Lebanese state in exploration in Block 4, especially Block 9, which are Total, Eni, and Qatar Energy.”
In a press interview, Fayyad indicated, “The fields that we see in the two- and three-dimensional graphs are positive, and they are optimistic and declare the presence of gas. We are waiting for drilling to begin in the first half of August and continue from 90 to 100 days, meaning before the end of the year.” He added, “If gas is discovered during this period, Lebanon will be on the gas map in the region and the world, and it will give greater confidence in Lebanon’s economic future, and Lebanon will be able to cover its investment needs and part of its debts.”
He pointed out that this matter “will give the possibility to start investments from the first day, as it is not necessary to wait until the extraction until the benefit begins, since its presence and the existing contract with the partners, especially the French one, is a contract that preserves the rights of the state.”
Regarding Arab cooperation to find permanent solutions for electricity, Fayyad explained that “the solution currently available on the ground is fuel from Iraq,” thanking “the State of Iraq for its jealousy over Lebanon and its increased strategic interest in Lebanon and its standing with its people.”
He said, “We will take double quantities of fuel from Iraq in exchange for services, and we will obtain one and a half million tons of Iraqi fuel with a new contract that starts next fall, including two million tons of “crude oil”, and the purchase will be with a back payment for a period of 6 months,” pointing out that this matter “It will allow us to increase the production capacity of the EDL until it reaches its maximum capacity.”
Fayyad stated: “Today we have 1,200 megawatts of high efficiency, and some megawatts of lower efficiency, but we can reach the production of this amount by using Iraqi fuel, and this will enable us, in addition to solar energy, to cover the largest part of the needs of the Lebanese, as they will no longer need to subscribe to private generators.”
He believed that “the sustainability of the solution will be achieved in the event that the agreement with Egypt and Jordan (related to bringing gas from Egypt) is implemented, especially since the infrastructure is there,” pointing out that the benefit will accrue to the Jordanian and Syrian sides because, according to the contract, they will receive a quantity of gas and a quantity of electricity, since it is a matter of Sanctions prevent them from obtaining a financial return.”
Fayyad stressed that “the presence of Qatar as a strategic partner on the level of energy in Lebanon is very important and contributes to enhancing investor confidence and providing sustainable solutions for stability in Lebanon,” noting that “Qatar’s partnership with Total to extract oil and gas from the sea has opened the door to more investments and joint projects.” “.
He pointed out that Qatar has the largest reserves of gas in the world and possesses production capacities that make it at the forefront of global energy markets, and therefore its presence in Lebanese energy projects is extremely important.
Lebanon’s Ministry of Energy and Water Walid Fayad
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