• 2 hours Thanksgiving Gas Prices At 3-Year High
  • 6 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 8 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 12 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 12 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 13 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 15 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

Keystone XL Pipeline Gains Approval After A 9-Year Battle

Keystone XL Pipeline Gains Approval After A 9-Year Battle

Nebraskan regulators have approved the…

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese crude oil inventories have…

Lebanon To Put Future Oil Money In Sovereign Wealth Fund

Lebanon Offshore

Lebanon will place all future oil revenues in a sovereign wealth fund (SWF) to invest in development projects, President Michel Aoun said, referring to hoped-for oil wealth as the country gears up for the long-awaited auctioning off of its offshore exploration blocks.

"Everything that is extracted will be for the Lebanese people," Aoun said during a meeting with a press syndicate delegation, adding that revenue would be invested into development, with a particular focus on upgrading the country’s devastated infrastructure.

Khalil told reporters that exploration contracts should be signed within nine months. Drilling could begin as early as a year and a half after that.

"Lebanon is blessed with the chance of starting straight from the beginning with its oil and gas industry. It can learn from others' mistakes and best practices," CNBC quoted Diana Kaissy, of the Lebanon Oil and Gas Initiative, as saying.

After four grueling years of national political paralysis, Lebanon’s Cabinet approved two oil and gas decrees that pave the way for the country’s first offshore drilling licensing round.

Bidding is set for the middle of this year, and at stake is an estimated potential 96 trillion cubic feet of natural gas reserves and 865 million barrels of oil offshore.

Related: OPEC May Be Powerless To Stop Lower For Longer

Lebanon is offering up five offshore blocks (1,4,8,9 and 10) for bidding in its first licensing round, which was confirmed last week by Minister of Energy and Water Cesar Abou Khalil.

Lebanon shares the Levant Basin in the eastern Mediterranean with Cyprus, Israel, Egypt and Syria.

In 2013, before the process was stalled, 46 companies qualified to take part in bidding—12 of them as operators, including Chevron, Total and Exxon Mobil.

These companies will remain qualified to bid in a second pre-qualification round. For other companies, contracts would run between February 2nd and March 31th, said Abou Khalil, and qualifying companies will be announced on April 13th.

By Damir Kaletovic 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