BEIRUT, Lebanon – Lebanon is moving toward offshore exploration contract awards says the Financial Times citing a report in the Lebanese Daily Star. However, questions remain about how conflict in the region and related political decisions might affect the plans.
Pre-qualification of interested companies is scheduled to begin soon, the report notes, and this will start the bid process, with formal bidding starting May 2 and with awards in late 1Q 2014.
In 2010 Lebanon approved a petroleum law and at the end of this past year appointed a petroleum authority. Many details of the E&P model contract remain unfixed, including defining the areas to be offered for lease.