Lebanon To Restart Oil, Gas Licensing Round After Three-Year Delay

6 Jan 2017   Lebanon

Lebanon intends to restart its first oil and gas licensing round after a three-year delay, the energy minister said on Thursday, hoping to kick-start the development of a hydrocarbon industry. In its first sitting since being formed in December, Lebanon’s new cabinet passed two decrees on Wednesday defining the blocks and specifying conditions for production and exploration tenders and contracts. Lebanon will offer five offshore blocks for exploration and production and is to hold another pre-qualification round for companies interested in bidding, Minister of Energy and Water Cesar Abou Khalil told a news conference. Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore, but squabbling between parties has prevented the passage of vital laws needed to develop the sector. […]

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