The Lebanese Cabinet is expected to hold a session within the coming weeks to approve two key decrees required to proceed with oil and gas exploration projects offshore Lebanon, according to the countrys Energy Ministry
Gebran Bassil, Lebanon's energy minister, said, “I have found the responsiveness, understanding and readiness to go ahead in this issue as rapidly as needed.”
The decrees demarcating the 10 maritime exploration blocks and establishing a revenue-sharing model must be passed by the Cabinet before any oil and gas contracts can be awarded.
“Passing the decrees is critical for Lebanon to adhere to international commitments toward major international companies that have invested in the country,” Bassil added.
Lebanon had officially launched the first oil and gas licensing round in May this year and officials have been since saying that any delay in issuing the decrees could postpone the offshore drilling and exploration process.
Forty-six international energy companies had prequalified earlier this year to bid for offshore hydrocarbon exploration contracts in Lebanon.
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