Lebanon government today announced the opening of the pre-qualification phase of companies for the First Offshore Licensing Round.
Companies interested in participating in the licensing of petroleum activities in the Lebanese waters, are expected to submit their offers in a sealed package by 28 March 2013 – 16:00 Beirut time. The authorities will then evaluate pre-qualification offers. The evaluation process is expected to be completed on April 18, 2o13.
Bidding for Lebanese offshore acreage, for the companies which manage to qualify, will begin in May, but the first exploration and production deal is not expected to be reached before February 2014, according to Bloomberg.
The Lebanese offshore area covers a total of 22,730km2 in the Eastern Mediterranean and has never been previously licensed for hydrocarbon exploration. The recent deepwater, sub-salt gas discoveries to the South and West, which encountered high quality Lower Miocene sands, have significantly increased the industry interest in Lebanon and the Eastern Mediterranean. The Levantine basin within the Eastern Mediterranean region is regarded to contain some of the most exciting exploration plays in the region which are being re-evaluated through advances in seismic technology.
Offshore Energy Today Staff, February 15, 2013