Lebanon, grappling with an energy crisis, turns to Iraq for fuel support, offshore drilling prospects, and solar energy expansions to pave a brighter future.
signed in May over the supply of more fuel from Iraq, to support Beirut’s fight to stay alight and tackle its economic crisis. Iraq is also expected to increase the volume of heavy fuel oil it sends to Lebanon this year by 50 percent, to 1.5 million metric tonnes, under a 2021 deal. In return, Lebanon will provide services such as health care for Iraqi citizens.
In terms of Lebanese energy, a consortium led by TotalEnergies expects to begin drilling for oil and gas off the coast of Lebanon in September. The group, which includes Italian firm Eni and QatarEnergy, has a rig prepared for offshore southern Bloc 9. Lebanon’s caretaker energy minister Walid Fayyad , “The rig will start working in Lebanon in September ... before the end of the year we will know if there is a discovery.
If the exploration is successful, the government hopes it will encourage greater investment in the country’s oil and gas sector. The ministry is expected to extend the deadline for applications to explore eight additional offshore blocs, with Fayyad explaining “I have been hearing from players in the field that they are keen to see the result of the drilling in Bloc 9 before they make decisions as to further investments or commitments in Lebanon.
While solar power continues to roll out on a small scale, with mostly individual, private investors dominating the market, it shows the potential for a shift away from the reliance on generators. And in the longer term, the Lebanese government must continue to make the economic reforms necessary to ensure World Bank funding for energy, as well as maintaining its energy relationship with Iraq and attracting other foreign players to its offshore oil and gas sector.
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