Lebanon awards offshore oil rights seeking to discover new f...| MENAFN.COM

Thursday, 07 July 2022 08:29 GMT

Lebanon awards offshore oil rights seeking to discover new fields


(MENAFN) A group involving Total SA, Eni SpA and Novatek PJSC have been awarded with offshore energy rights by Lebanon marking its first offer of this nature. Following years of holdup, the group collaborates with a regional race aiming to locate and grow oil and natural gas prosperity in the eastern Mediterranean.

During a phone call Thursday, member of the Lebanese Petroleum Administration Wissam Chbat declared that in its initial offshore bidding round, the cabinet presented a couple of licenses permitting the companies to travel around blocks 4 and 9 in cooperation.

Chbat confirmed that ahead of signing with the government production-sharing contracts in January, the group is given a month to arrange legal, administrative and technical paperwork before as drilling is estimated to initiate in 2019.

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