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Foreign companies to participate in Lebanon's 2nd licensing round for oil, gas exploration: minister

Jul 11

Foreign companies to participate in Lebanon's 2nd licensing round for oil, gas exploration: minister

BEIRUT, July 10 (Xinhua) -- Lebanese Energy Minister Nada Boustani said that Lebanon's second licensing round for offshore oil and gas exploration is attracting a lot of foreign companies, local media reported on Wednesday.

'Big companies have started studying their offers to participate in the second licensing round for offshore oil and gas exploration, such as British BB Energy, French Total, Italian Eni, Russian Novatek, Lukoil and Gazprom,' she was quoted as saying by Al-Iktissad Wal Aamal local magazine.

The minister added that Lebanon is preparing to sign an agreement with Cyprus in September to be able to divide the oil and gas wealth available on the borders with Cyprus, which will encourage more companies to come and invest in Lebanon.

Boustani announced in April the launch of Lebanon's second licensing round for offshore oil and gas exploration in five blocks and the deadline to submit offers is January 2020.

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.

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