BEIRUT: Offshore oil and gas exploration in Lebanese waters is expected to begin within weeks following the arrival of a drilling rig at the project site on Wednesday.

The rig, the Transocean Barents, will begin work at the offshore site, known as Block 9, later this month, French energy group TotalEnergies announced.

The company is leading a consortium on the project that includes Italian oil giant ENI and state-owned QatarEnergy.

A helicopter also arrived at Beirut Rafic Hariri International Airport on Wednesday to transport crews to and from the drill site, about 120 km offshore from Beirut. 

The start of drilling follows a landmark agreement last year that set a maritime border between Lebanon and Israel for the first time.

Lebanon is hoping the discovery of oil and gas will help reverse an economic crisis that has sent its currency plummeting, caused rolling blackouts across towns and cities, and resulted in a shortage of essential goods and medicines.

The arrival of the drilling rig coincided with the government’s approval of an environmental impact report on Wednesday.

Nasser Yassin, the caretaker environment minister, said that he had asked the Ministry of Energy to ensure that “the operating companies adhere to the Ministry of Environment’s observations.”

In February, the survey vessel Janus II conducted a week-long survey of the project site, monitoring marine life in the area.

Walid Fayad, the caretaker energy minister, confirmed on Wednesday that “drilling licenses have been issued and the necessary infrastructure has been prepared.”

Fayad said: “We are on schedule to determine the outcome after two or three months, contingent on the drilling duration. Our outlook is positive, as TotalEnergies officials are optimistic about a potential field, specifically in Block 9.”

However, at least one independent expert has warned that without effective management and regulatory oversight, Lebanon risks squandering the benefits of any oil and gas discovery.

Diana Qaisi, an energy governance specialist and a member of the advisory board of the Lebanese Oil and Gas Initiative, told Arab News that “we need to make it clear that without effective management, our wealth will be wasted.”

Legislative arrangements regarding the exploration process depend on parliament convening to discuss a draft law for a sovereign wealth fund for the management and investment of petroleum resources.

Qaisi said: “From this point onward, until the existence of reservoirs is verified and the presence of commercial quantities is confirmed, Lebanon needs to regulate its internal affairs.”

She added: “The regulatory body for the petroleum sector remains incomplete, with vacant positions yet to be filled, and it was not included in the draft budget. If this body, tasked with overseeing company operations, remains in its current state, we will certainly face obstacles, because oil extraction companies are no angels.”

Qaisi added: “There must be seamless interaction between ministries and relevant institutions, including the ministries of energy, finance, public works, and foreign affairs, as well as the army and parliament.

“However, the current situation seems to indicate the opposite. Two MPs requested reports related to Block 9 from the Ministry of Energy, but the ministry responded that the issue was a matter of national security. This hampers smooth interactions. What message are we conveying to the companies? We need to make it clear that without effective management, our wealth will be wasted.”