Lebanon Set to Delay Oil and Gas License Auction Until 2015

22 Jul 2014   Lebanon

Lebanon is likely to delay again the first auction of oil and natural gas licenses in its coastal waters until 2015 because of political gridlock over decrees needed to start the bidding process, people familiar with the matter said. The nation, which claims it may have as much as 96 trillion cubic feet of natural gas and 850 million barrels of oil off its coast, repeatedly has delayed the bidding round for the licenses after a cabinet failed to approve two necessary decrees. “The situation is quite complicated. The ministerial committee that was formed to review the decrees has not done much since some members are not happy about the royalties and taxes mentioned in the drafts,” one official familiar with the matter said. “Now no one wants to move forward with any action until the parliament elects a new president and we have a new government, which could […]

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