• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 6 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 22 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 8 hours Why is permian oil "locked in" when refineries abound?
  • 1 hour Saudi Arabia turns to solar
  • 10 mins Could Venezuela become a net oil importer?
  • 15 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 10 hours Teapots Cut U.S. Oil Shipments
  • 10 hours Oil prices going down
  • 11 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day What If Canada Had Wind and Not Oilsands?
  • 24 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 day "The Gasoline Car Is a Car With a Future"
  • 21 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 11 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 22 mins EVs Could Help Coal Demand
OPEC Meeting Could End Without Decision

OPEC Meeting Could End Without Decision

The current disunity in OPEC…

U.S.-China Trade War Will Hurt Shale Drillers

U.S.-China Trade War Will Hurt Shale Drillers

The latest escalation in the…

Lebanon Gearing Up For First Offshore Oil Tender

Lebanon Offshore Workers

Lebanon is preparing to join the ranks of oil and gas producers in the Mediterranean after lagging behind neighbors such as Israel and Egypt for years, unable to even start exploration. The country’s government, Bloomberg reports, is now gearing up to tender the first offshore fields in its history, until now held back by long years of political bickering.

Three years ago, seismic research suggested the country may have access to some 850 million barrels of crude and at least 96 trillion cu ft of natural gas. Getting to exploit these reserves, however, has proved impossible so far, in a country torn by hostility between different political factions and no president for two years.

Now, it seems, the main participants in the conflict are ready to overlook their differences in the name of energy revenues. Part of the reason for this new readiness to work together may be reports that Israel might abuse its offshore oil and gas rights and steal from Lebanon’s deposits. The two countries have an ongoing dispute over an area that could contain billions of dollars worth of oil and gas.

Although there is no certainty that Lebanon’s government will manage to get to the stage of tendering offshore blocks, if it does, this will be a major development. The head of Lebanon’s parliamentary energy committee Mohammad Kabbani told Bloomberg that the authorities have finally agreed on the 10 blocks that will be tendered. Delineating tender blocks has been an additional challenge for Lebanon.

Related: Breakthrough In Oil Sands Tech Could Transform The Industry

Aside from worries about getting swindled out of its oil and gas by Israel, which are more or less part of Middle Eastern culture, Lebanon has more pressing matters to attend to, namely its huge public debt, which at end-August 2015 stood at US$68.88 billion, or 141.5 percent of GDP.

There are already 46 companies that are pre-qualified to explore Lebanon’s offshore hydrocarbon reserves. After the decrees representing the framework of how these reserves will be exploited is approved by the government, they will be free to choose which blocks to bid for, Kabbani told Bloomberg. The approval is expected “shortly”.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News