(MENAFN)
On Sunday, May 31, Lebanon suspended the deadline for proposing offers for the country's second licensing round for offshore oil and gas exploration in five blocks during the coronavirus pandemic, according to the National News Agency.
As the report said, the new date will be stated later.
According to a statement by the Energy Ministry, "The outbreak of COVID-19 all over the world has devastating effects on the petroleum sector, leading to low demand for oil and gas and a sharp decline in the prices of these two commodities."
The COVID-19 pandemic stroke the economic competences, asking these companies to decrease their participation in such projects, the statement clarified.
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