Novatek intends to exit offshore exploration projects in Lebanon - media

MOSCOW. Aug 30 (Interfax) - Novatek intends to exit the exploration projects on the Lebanese shelf, according to the Lebanese National News Agency.

According to the National News Agency, Novatek Lebanon SAL, which owns 20% each in blocks 4 and 9 in the eastern Mediterranean Sea, has informed the Lebanese authorities of its intention to withdraw from the projects at the end of the first exploration period by October 22.

As previously reported, Novatek, as part of a consortium with TotalEnergies , which is the operator with a 40% stake; and with Eni, which holds a 40% stake, became a participant in the licenses following a tender held in 2017.

The consortium's two remaining participants are expected to continue operations at the respective blocks.