One bid received for gas exploration. Years required for commercial return

One bid received
for gas exploration
Years required for commercial return
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The Ministry of Energy and Water (MoEW) announced that only one consortium submitted two bids for offshore gas exploration.

The bidding procedure set by the Lebanese Petroleum Administration (LPA) requires a minimum of three companies to establish a joint venture, with at least one operator.

LPA announced that only one consortium participated in the
process. It will be led by the French operator Total, while the other non-operating partners are the Italian firm Eni International and the Russian company OAO Novatek. They submitted the bids for blocks four and nine.

Cesar Abi Khalil, Minister of Energy and Water, said that five-to-six years are required for gas projects to be commercially feasible after the exploration process succeeds.

A committee formed by the MoEW and the LPA will evaluate the proposals in one month.

The tender process was closed on October 12 on five blocks adjacent to the Cyprus, North, and South water borders.

The bid deadline was initially extended from September to allow the Parliament to enact the tax law related to oil and gas sector.

A total of 51 companies were included in the pre-qualified list and were invited to bid.

Reported by Samer Rasbey
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Date Posted: Oct 13, 2017