52 Oil & Gas Firms Want Lebanese Offshore Acreage

Business & Finance

April 3, 2013

Lebanon’s pre-qualification phase for the 1st License Round has attracted bids from 52 oil companies. The companies had until March 28, 2013 to send in their offers in closed envelopes.

The applications came from 25 different countries all around the world. Oil majors such as Exxon Mobil, Chevron, Eni, Petrobras, Shell, Total, INPEX, ONGC and Repsol all filed their pre-qualification applications.

The Middle Eastern country’s energy ministry has said that the assessment of the applications is in progress. The names of companies who have been successful in pre-qualifying will be announced on 18 April 2013.

The 1^st licensing round for hydrocarbon exploration within the Lebanese offshore EEZ (Exclusive Economic Zone) is planned to open on May 2, 2013 when the bidding for Lebanese offshore acreage will begin.

Exploration and Production sharing contracts, however, are not expected to be signed before February 2014, Bloomberg recently reported.

According to the U.S. Energy Information Administration, offshore oil and gas exploration in Lebanon, which heavily relies on energy imports to meet domestic demand, will begin in 2017.

The Lebanese offshore area covers a total of 22,730km2 in the Eastern Mediterranean and has never been previously licensed for hydrocarbon exploration.

The recent deepwater, sub-salt gas discoveries to the South and West, which encountered high quality Lower Miocene sands, have significantly increased the industry interest in Lebanon and the Eastern Mediterranean.

The Levantine basin within the Eastern Mediterranean region is regarded to contain some of the most exciting exploration plays in the region which are being re-evaluated through advances in seismic technology.

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Offshore Energy Today Staff, April 3, 2013