Tag(s):
Boustani ,
bidding ,
oil and gas ,
exploration ,
2nd round ,
maritime ,
oil ,
drilling ,
blocks ,
LPA ,
Lebanese Petroleum Administration
April 4, 2019
Energy Minister Nada Boustani held a news conference on Friday 4th of April to officially announce that maritime blocks 1, 2, 5, 8 and 10 are up for bidding for an oil and gas exploration round.
“We are progressing toward an oil-productive Lebanon,” Boustani said.
The deadline for companies to submit their offers is Jan. 31, 2020, she added.
The first round of Lebanon’s licensing process saw Blocks 4 and 9 awarded to French Total, Italian Eni and Russian Novatek.
Boustani said that drilling in Block 4, set to begin later this year, will take 45-60 days. In Block 9, she said, drilling will begin in May 2020, “and by then we would have signed the contracts for the second round.”
Cabinet had Thursday approved the second licensing round, whose purpose, Boustani said, is twofold: to increase exploration in Lebanese waters and boost competition among offering companies. Read more