Lebanon schedules first offshore oil and gas sale

Lebanon offshore

Lebanon will hold its first round of offshore oil and natural gas licensing in early 2013, Bloomberg reported. Minister of Social Affairs Wael Bou Faour said the first round of companies interested in gaining drilling rights off the country's coast will begin February 1, with a list of qualified explorers released March 31. Lebanon will begin accepting bids on May 2.

Bloomberg reported the Lebanese government approved the oil and natural gas licensing at a cabinet meeting December 27. Lebanon's effort to increase offshore oil development will help it "catch up" to the neighboring countries of Israel and Cyprus in terms of developing fuel reserves.

A six member petroleum board was appointed in Lebanon in November and an oil and gas law was passed in 2010. However, political disputes have delayed any action on drilling, Bloomberg reported.

The 2010 law allowed for oil and gas exploration of the country's coast, the Lebanon Daily Star reported. The December 27 meeting was the final session of the year for the Cabinet.

More details on offshore oil exploration can be found at PennEnergy's research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs