In preparation for the exploration activities of Lebanon’s offshore Block 9, multiple developments surrounding    the subject have come to light.  First, TotalEnergies’ drilling process for the block could be expedited. This means that the process, which was  expected to start between late September and October, has the possibility of starting between late August  and September. This comes as the rig which will be brought to Lebanon (Transocean Barents), has shown no  commercial discoveries in the North Sea and will head back to Norway sooner than expected for maintenance.  Following the maintenance process, the rig will set off on a five-week journey to reach Lebanon’s Block 9.  It is worth noting that in order for TotalEnergies to obtain quick results, the rig could possibly be equipped with  available technologies that give early information during the drilling process.  In parallel, TotalEnergies and Transocean are expected to sign contract with various companies to provide them  with 12 services. These services tackle practical, technical, administrative and logistical aspects of the drilling  process with contracts expected to be made before the end of June.  Of the 12 services, four will be provided by Lebanese companies and the rest by foreign ones. The four servicesthat Lebanese companies will compete for are: securing three ships responsible for the transport of equipmentand supplies from the Port of Beirut (PoB) to the rig, managing the logistics base in PoB, providing two personneltransport helicopters to get workers from Beirut International Airport to the drilling site and providing ships forthe transport of the rig’s diesel.  Foreign companies will compete regarding the remaining services which include those related to the drilling  process, the provision of a robot to the drill to ensure safety, taking measurements of the well and the pouring  of concrete into the well. However, the aforementioned contracts require the prior approval of the Ministry of  Environment to the environmental impact report prepared by TotalEnergies.  Concurrently, the Finance and Budget Committee of the Lebanese parliament has legislated the need to create  a Sovereign Wealth Fund (SWF) which will be fed by the potential offshore oil revenues.  In details, the bill that was passed legislated that 80% of the SWF’s revenues would be placed in savings and  investment portfolios following standards determined by an independent board of director which employs  these funds abroad. The remaining 20% would go towards domestic projects for sustainable development  and investment. The bill awaits the convening of parliament of its enactment, according to the Head of theParliament’s Finance and Budget Committee. (ICE BEIRUT)

Fonte notizia: Bank Audi, Lebanon Weekly Monitor, 26 June -2 July 2023