Lebanon opens new blocks for oil, gas exploration

Lebanese Energy Minister Nada Boustani on Friday announced the launch of Lebanon’s second licencing round for offshore oil and gas exploration in five blocks, OTV local TV Channel reported.

“Lebanon will market these blocks to attract interested companies from several countries, including China, Britain, United States, Russia and others,’’ Boustani said at a news conference held at the ministry of energy and water.

She said that Lebanon was committed to transparent rules during second licensing round.

“The deadline to submit offers is January 2020,’’ Boustani said, adding that three international oil companies visited Lebanon in the past few days which reflected a great interest in the oil and gas market in the country.

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Walid Nasr, chairman of the Lebanese Petroleum Administration, said that Lebanon opened the new blocks because they had different geological characteristics which would provide more information about Lebanon’s maritime territories.

“This will also increase competition among foreign companies interested in oil and gas exploration in Lebanon in addition to protecting Lebanon’s right of wealth in the country’s exclusive economic zone,’’ he said.

In February 2018, Lebanon signed its first offshore oil and gas exploration and production contracts for two energy blocks with a consortium of France’s Total, Italy’s Eni and Russia’s Novatek. (NAN)