Authorities in Lebanon expect to open five new offshore gas blocks for exploration this year, paving the way for increased breakbulk activity in the country.
The auction of the offshore blocks has been delayed for more than four years due to the political environment, but the new government is now pushing to receive bids by Sept. 15 to speed up the process.
“In this licensing round we have managed to attract 51 of the biggest companies in the world to prequalify and express their interest. This is five times the total number of companies that have participated in all the licensing rounds that have occurred in our part of the world,” said Cesar Abi Khalil, Lebanon’s Minister of Energy and Water.
Lebanon is estimated to have as much as 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore.
Photo: Lebanese offshore licensing round blocks. Credit: MOEA