There are some mid-week news from the Eastern Mediterranean and the MENA amid the conflict between Israel and Hamas.
- The Galaxy Leader (IMO 9237307), partially owned by Israeli businessman, was seised by Houthis on Monday. According to a statement released by the company, the Galaxy Leader was "illegally boarded by military personnel via a helicopter", which is currently at the Hodeidah port of Yemen. The shipowner Abraham Ungar was listed by Haaretz in 2019 as one of the twenty wealthiest men in Israel. Israeli Premier Netanyahu claimed this seizure as "another act of Iranian terrorism". It is reported that the ship was sailing from Turkey's K?rfez to Pipavav Port of India with international crew. This increases the concern over the Red Sea route for vessels and thus threatening the international maritime trade.
- The Lebanese government is determined to proceed the country's offshore oil and gas auction despite the ongoing conflict in Gaza and heightened tensions at the Lebanese border. The government held its second licensing round less than a week before the conflict has erupted in Gaza. The consortium operating offshore Block 9 had put bids for Blocks 8 & 10. Those three offshore blocks are located along the Lebanon's maritime border with Israel where Tamar, Leviathan, and Karish fields are producing gas for Tel Aviv. TotalEnergies (35%), Eni (35%), and QatarEnergy (30%) operate Block 9, after the finalisation of long-awaited maritime border agreement between Israel and Lebanon. TotalEnergies have started to exploration drilling at Qana prospect earlier this year. The Lebanese government is unlikely to suspend auctions due to conflicts in the region as potential revenues are vital for the country's economy. However, there is a slight possibility that investors might decide to wait if the conflict in the region widens.
- Iraqi Prime Minister Muhammad Shia Al-Sudani stated his intention to build fixed LNG platform at the under-constructing Al-Faw Port to supply domestic consumption. During meeting with senior officals, Al-Sudani discussed the potential establishment of fixed platform to import gas. With this project, Iraqi government is expected to ensure reliable electricity supply to the country, processing around 1 bcf daily gas that approximately supplies 5 million homes in Iraq. 120 bcf gas storage is also planned at the facility in case of disruptions. The government is allocated $1.5 billion for LNG project at Al-Faw Port, which it takes three years to be completed.
