Lebanon implemented a gradual licensing policy with five blocks available now for offshore exploration
The international oil and gas business and investment community have expressed huge interest in Lebanon and with good reason
Substantial information and very positive data has been collated and Lebanon is positioned now for success with estimates of huge petroleum resources in its territories both offshore and onshore.
Following the recent approval by Lebanon’s Council of Ministers of the two decrees related to the delineation of the ten offshore blocks and to the tender protocol, and the relaunch of the first licensing round, everything is now in place to allow companies from across the globe to bid for the five offshore blocks on offer.
There is huge interest in the five blocks initially on offer in this year’s historic tender process. In 2013, 12 major companies pre-qualified as operators, alongside a further 34 companies pre-qualified as nonoperators.
The door is now open to more companies to engage with the Mediterranean’s most promising hydrocarbons region.