Lebanon gets two bids for offshore gas exploration

14 Oct 2017   Lebanon

Lebanese ambitions to draw investors to its offshore reserve potential, notably for natural gas, brought in only two bids, the government reported. Lebanon in January filed a request to join the Extractive Industries Transparency Initiative, a body that aims to cast light on how countries manage their oil, gas and mineral resources. Energy Minister Cesar Abi Khalil said that, as the country opens itself up to foreign energy investors, accountability was essential. Decrees put forward by the Lebanese government outline a model for revenue sharing, something that derailed previous efforts to court foreign investors. The Lebanese government estimates there are 95 trillion cubic feet of natural gas and 750 million barrels of oil in its territorial waters. Khalil said […]

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