Is Lebanon’s natural gas boom dead in the water?

OILPRICE | The Eastern Mediterranean has been a household name in European energy circles for quite some time, with the undisclosed demise of erstwhile plans to link Turkmenistan to Europe elevating it to priority level for Brussels as there was no other realistic non-Russian pipeline project around. The Levantine Basin did indeed produce some remarkable discoveries, especially in the early days of exploration of early 2010s – the Israeli Leviathan (2010) and Egyptian Zohr (2015) have substantially boosted both countries’ upstream standing. Hence, when Lebanon awarded three Blocks in its offshore zone to a European consortium comprising of the French Total, Italian ENI and Russian NOVATEK, hopes were running high that the EastMed craze might have a new standard-bearer. 

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