Lebanon is planning to hold its first round of offshore oil and natural gas licensing this month, with a list of qualified explorers released March 31. The government plans to begin accepting bids on May 2.
It is thought that Lebanon’s offshore territory could harbour up to 25trillion cu.ft of gas. This Mediterranean state is anxious not to lose out to neighbours like Israel, where big finds have been made, or to Cyprus where early exploration signs appear promising.
A six-member petroleum board was appointed in Lebanon in November last year, an oil and gas law having been passed in 2010.