Lebanon's search for offshore oil and gas will begin on Thursday, President Michel Aoun said, as the country grappled with an unprecedented financial crisis.
The results from the first exploratory well are expected in the next two months, the chairman of the Lebanese Petroleum Administration said earlier on Wednesday.
Lebanon is on the Levant Basin in the eastern Mediterranean, where large undersea gasfields have been found since 2009, including near the disputed marine border with Israel.
A consortium of France's Total, Italy's Eni and Russia's Novatek signed an agreement with Lebanon in 2018 to explore for oil and gas in two offshore blocks.
A discovery would be a major boost for the battered Lebanese economy but it could take several years for revenues to reach the treasury.
"We are going through the harshest economic and financial crisis of Lebanon's modern history," Mr Aoun said in a televised address to the nation on Wednesday night.
He hailed the country's first exploration as a "historic" step that would "represent a cornerstone to rise from the abyss" and transform the economy.
"Our will is to revive confidence and restore the cycle of life to normal," Mr Aoun said.
The much-delayed search will start with the first well to be drilled in Block 4 and preparation is under way to drill wells in Block 9 this year.
"We'll get results in the next two months. If they are positive, we'll move to the second phase of appraisal," Lebanese Petroleum Administration chairman Walid Nasr said at the presidential palace with a delegation from Total.
Raymond Ghajar, the Energy and Water Minister, said good results would be positive for Lebanon's ratings but noted it could be years before any find is extracted.
"There are too many ifs. First, we need to drill, then find, then see the amount, then see what we can extract after two, three or four years," Mr Ghajar said.
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
UAE currency: the story behind the money in your pockets
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
LA LIGA FIXTURES
Saturday (UAE kick-off times)
Leganes v Getafe (12am)
Levante v Alaves (4pm)
Real Madrid v Sevilla (7pm)
Osasuna v Valladolid (9.30pm)
Sunday
Eibar v Atletico Madrid (12am)
Mallorca v Valencia (3pm)
Real Betis v Real Sociedad (5pm)
Villarreal v Espanyol (7pm)
Athletic Bilbao v Celta Vigo (9.30pm)
Monday
Barcelona v Granada (12am)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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KILLING OF QASSEM SULEIMANI
