Lebanon Again Delays Offshore Energy Auction

9 Jan 2014   Lebanon

Lebanon has again delayed its first auction of oil and natural gas licenses in its coastal waters after the government repeatedly failed to vote on decrees needed to start the bidding process, the country’s energy minister said Wednesday. The auction will now be held three months later than scheduled on April 10, instead of this Friday, Gebran Bassil said in a statement, but vowed that the bidding round will go ahead regardless of whether it has government backing. “It is sad for Lebanon to postpone this tender for the third time and this will certainly lead to a lack of trust and a lack of seriousness among the companies,” Mr. Bassil said. Lebanon had twice deferred the licensing round—from Nov. 4 to Dec. 10, and then to Jan. 10—after the cabinet failed to approve two decrees. Mr. Bassil insisted that his ministry was willing to launch the bidding on […]

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