QatarEnergy Replaces Russian Company in Lebanon Gas Exploration

From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
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QatarEnergy Replaces Russian Company in Lebanon Gas Exploration

From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)

Lebanon, two international oil giants and state-owned oil and gas company Qatar Energy signed an agreement Sunday that the Qatari firm will join a consortium that will search for gas in the Mediterranean Sea off Lebanon’s coast.

Qatar Energy is replacing a Russian company that withdrew from the Lebanese market in September.

In 2017, Lebanon approved licenses for an international consortium including France’s TotalEnergies, Italy’s ENI and Russia’s Novatek to move forward with offshore oil and gas development for two of 10 blocks in the Mediterranean. The borders of one of the two blocks were disputed by neighboring Israel until a maritime border deal was reached last year.

The companies did not find viable amounts of oil or gas in block No. 4 north of Beirut, and drilling in block No. 9 in the south has been repeatedly postponed because of the dispute with Israel.

The agreement was signed by Saad Sherida al-Kaabi, Qatar’s Energy Minister; his Lebanese counterpart Walid Fayad; Claudio Descalzi, the CEO of Italy’s state-run energy company, ENI, and TotalEnergies CEO Patrick Pouyanné. The signing ceremony was attended by Lebanon’s caretaker Prime Minister Najib Mikati.

“Our concentration will be on block number nine,” al-Kaabi said, adding that this could be a first step for Qatar Energy to play a bigger role in future explorations.

Back in 2017, Total and ENI each got 40% stakes in the blocs while Novatek got 20%. Under the deal signed Sunday, Qatar Energy will take the 20% stake of Novatek in addition to 5% each from ENI and Total leaving the Arab company with a stake of 30%. Total and ENI will have 35% stakes each.

Lebanese media reported that exploration in block No. 9 could begin before the end of November.

“We are committed to execute this first well as soon as possible,” TotalEnergies’ Pouyanné said. The company said two months ago it would soon launch exploration activities in search of gas off Lebanon’s coast.

“It is an honor to be in Lebanon with these two companies,” said Descalzi. “We will work all together to give the best to your country.”



Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia has secured second place among G20 countries in the UN International Telecommunication Union’s 2024 ICT Regulatory Tracker, marking a significant milestone in the Kingdom’s efforts to modernize its digital regulatory environment.

The achievement underscores Saudi Arabia’s progress in developing a robust regulatory framework for the telecommunications and information technology sectors.

It reflects the country’s commitment to fostering innovation, building advanced digital infrastructure, and implementing effective regulatory tools that support investment and fuel the growth of the digital economy.

The Communications, Space and Technology Commission said the index is designed to assist policymakers and regulators in keeping pace with rapid changes in the sector.

The index evaluates 194 countries based on 50 indicators across four key areas: regulatory authority independence, mandate, framework, and market competition.

The Kingdom’s performance in the ICT Regulatory Tracker adds to a string of international successes in the technology sector.

It has maintained its position as the second-highest ranking G20 nation in the ITU’s ICT Development Index for a second consecutive year. Saudi Arabia also ranked second among G20 countries in the UN’s Telecommunication Infrastructure Index.

Separately, the Ministry of Communications and Information Technology announced on Tuesday that Saudi Arabia was named “Country of the Year” and topped the global rankings for the fastest-growing tech startup ecosystem in the 2024 StartupBlink Index.

Riyadh was recognized as the world’s fastest-growing city in this category.

Saudi Arabia ranked first globally in healthtech, and second in both insurtech and investment tech, as well as in logistics and delivery applications. It placed third in digital payments, fifth in gaming, and seventh worldwide in edtech.

Riyadh also posted the highest global growth rate in innovation and entrepreneurship ecosystems. The capital ranked first in nanotechnology and transportation technology, and second in fintech.

As part of its broader strategic vision, the Saudi government is working to maximize the economic impact of the tech sector. The digital economy now contributes more than SAR495 billion ($132 billion) to GDP, representing 15% of the total. The ICT market size exceeded SAR180 billion ($48 billion) in 2024, creating over 381,000 quality jobs.

Women’s empowerment has been a cornerstone of this transformation. Female participation in the tech sector surged from 7% in 2018 to 35% in 2024, the highest in the region and above the G20 and EU averages.

In the realm of digital government, Saudi Arabia ranked fourth globally for digital services, second among G20 nations, and first in the region.