Lebanon's first ever well comes up dry
A consortium of Total, Italy's Eni and Russia's Novatek has failed to find commercial oil and gas at its first well in Lebanon's offshore block 4, according to local sources.
Drilling at the Byblos-1 well — Lebanon's first ever — began in late February, around two months later than initially planned, because of problems affecting the availability of the Tungsten Explorer drillship.
The Lebanese government said that this first drilling phase would last 60 days. But sources say it has now ended with little sign of the oil or gas resources that Lebanon hoped could help it join the ranks of east Mediterranean countries with offshore hydrocarbon reserves.
Byblos-1 indicated the presence of small volumes of gas, but not enough to make it commercially viable as a stand-alone project, the local sources said.
Lebanese energy minister Raymond Ghajar is due to announce the results of the drilling this afternoon.
The consortium had initially aimed to begin drilling at at block 4 in December or early January and to follow this up with a second well in block 9 in the first half of this year.
But the delay at block 4, coupled with the impact of Covid-19 on foreign oil companies' plans, means that the work at block 9 is likely to be pushed back to at least the third or fourth quarter.
Lebanon had previously expected to start importing LNG by early 2020, but its plans to install a floating storage and regasification unit have stalled.
By Nader Itayim
source: Argus Media
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
