Lebanon approves offshore oil & gas decrees

Lebanese government has approved two offshore oil and gas decrees, which means the country’s offshore licensing round, stalled since 2013, can now begin. 

The decrees, passed by the Lebanese cabinet on Wednesday, lay out conditions related to the licensing round and the exploration and production model agreement.

According to Lebanese National News Agency (NNA), the country’s Information Minister, Melhem Riachy, announced the long-anticipated decrees had been passed by the cabinet, which also formed a ministerial committee chaired by the Prime Minister and the membership of the Ministers of Finance and Energy, to examine the special tax provisions related to petroleum activities.

In addition, a committee to study the project law related to the Petroleum resources was formed, led by the Prime Minister and the membership of Ministers of finance, energy and planning.

The news agency further reported that the country is “serious” about finalizing its first licensing round of oil and gas exploration.

The NNA quoted the country’s Minister of Energy and Water Resources, Cezar Abi Khalil, as saying: “Blocks will be opened according to the study carried out by the Petroleum Administration Committee, as well as according to the requirements of the Lebanese state,” he said, revealing that five blocks will be open to bids.

According to Reuters, Beirut estimates it has 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore.

The country launched its first offshore licensing round in 2013 but failed to see it through due to political turmoil. Reuters reported that 46 companies qualified to take part in bidding, including Chevron, Total, and ExxonMobil.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on January 5, 2017 with tags .

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply