(MENAFN) Lebanon was announced to have begun exploring its first oil and gas reserves following an approval of which was handed out by a consortium of France's Total , Italy's Eni and Russia's Novatek.
Lebanon is expecting to start its second offshore licensing round by either the end of this year or beginning of next year.
The declaration has been made by Energy and Water Minister Cesar Abi Khalil in a statement on television.
The minister also stated that the period of the exploration plan might be concluded in three years, with the first well anticipated for drilling next year.
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