Resources in Brief
In 2010 the US Geological Survey estimated that the whole of the Levant Basin contains around 1.7 billion barrels of recoverable oil and 122 trillion ft³ of recoverable gas. Subsequent 2D/3D surveys have consistently confirmed that there are significant oil and gas resources offshore Lebanon.
With the pre-qualification process now completed, 46 companies from 23 countries are now qualified to participate in the first licensing round.
The next steps will include the bidding process and bid evaluation in the run up to the awarding of contracts which is anticipated to take place later this year.
The legal framework for the exploration and management of Lebanese offshore oil and gas resources, in addition to information on the coming stages is provided for in The Offshore Petroleum Resources Law (2010/32).
For a detailed overview of the Lebanese legal and international investment framework, please subscribe to our Energy Alert newsletter or request further information by contacting email@example.com
OLF's Commitment to the industry
OLF is in a position to offer comprehensive legal advice to interested parties on matters such as the Lebanese oil and gas regulatory framework and the pre-qualification phase ahead of the bidding process. We are committed to helping clients at every stage and assisting them with the legal issues associated with investing in this sector. By combining our international expertise in the field with our local know-how, we aim to play an active role in ensuring that the industry develops in line with international standards and practice.