Oil Majors Prepare For Mega Tender In Lebanese Levant Basin

10 Jan 2017   Lebanon

After a four-year wait, the Lebanese cabinet has approved two oil and gas decrees on energy tax provisions and blocking last week – allowing offshore drilling ventures in 96 trillion cubic feet of natural gas reserves to begin brewing. A massive licensing round, stalled in 2013 due to a lack of national unity on energy explorations issues, is set to begin in the country in the next few weeks, with the deadline for submitting bids set for mid-2017. “Blocks will be opened according to the study carried out by the Petroleum Administration Committee (PAC), as well as according to the requirements of the Lebanese state,” Cezar Abi Khalil, the country’s Minister of Energy and Water Resources told the NNA, describing the new body that will delve into the extraction issues of national offshore production. Prequalification for Lebanon’s coming round has been closed for over two years now. A total […]

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