Novatek’s shares in Lebanese fields will be transferred to the state

CAIRO, Sep 19 – PRIME. The share of the Novatek oil and gas company in the fields of the Lebanese shelf will pass to the Lebanese state after the company leaves from there, the acting president said on Monday. Lebanese Energy Minister Walid Fayyad.

“In light of Novatek Lebanon SAL’s withdrawal from the Blocks 4 and 9 exploration and production agreements… Minister Fayyad decided to apply the forced assignment clause and notified the company of the decision, demanding that it cede its entire interest in the project to the Lebanese state,” the agency quoted the agency as saying. NNA ministry statement.

The head of Novatek, Leonid Mikhelson, said at the Eastern Economic Forum that the company plans to withdraw from projects in Montenegro and Lebanon.

Novatek, together with France’s TotalEnergies and Italy’s Eni, are working in Lebanon to explore hydrocarbons in the country’s exclusive economic zone in the Mediterranean.