Lebanon launches first phase of oil bid process

Beirut, Feb 16 (IANS/EFE): Lebanon's energy and water minister has announced the launch of a pre-qualification phase for companies interested in developing oil and gas reserves in the country's territorial waters.

Gebran Bassil said in a press conference that potential bidders have until March 28 to submit their applications and that authorities will produce a list of pre-qualified companies by April 18.

The bidding process will be opened May 2 and pre-qualified companies will have six months to submit their bids, Bassil said, adding that the contracts are to be signed in February 2014 and the development phase will start in 2015.

Significant oil and natural gas reserves have been found in Lebanese territorial waters during preliminary exploration work.

In late January, the government formed a special committee to oversee the oil and gas reserves discovered in the Mediterranean Sea. Those resources are the subject of dispute with Israel, since the southernmost reserves are located along the countries' disputed maritime border.

Top Stories

Leave a Comment

Title : Lebanon launches first phase of oil bid process


You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.

Security Validation

Enter the characters in the image