Lebanon Set to Join East Mediterranean Race for Oil and Gas

5 Jan 2017   Lebanon

Lebanon approved two measures allowing it to auction its first offshore oil and natural gas rights, ending three years of delays that kept the tiny country from joining a regional race to tap energy wealth in the eastern Mediterranean. The newly formed government headed by Prime Minister Saad Hariri passed the two decrees on Wednesday, state-run National News Agency reported, citing Foreign Affairs Minister Gebran Bassil. The decrees demarcate energy blocks, establish production-sharing contracts and specify tender protocols. They take effect with no need for additional approval. The cabinet formed ministerial committees to study a petroleum tax draft law and another proposed law governing onshore oil resources, Information Minister Melhem Riachi said in a televised news conference. The cabinet also discussed the establishment of a sovereign wealth fund to manage the oil and gas revenue. Lebanon has lagged behind neighboring Israel, Cyprus and Egypt in developing oil and gas […]

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