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.
Current Status of Sector
A consortium comprised of three international companies – Total SA, Eni International BV and JSC Novatek – has officially been awarded the first rights to offshore exploration and production in Lebanon. This consortium has been awarded both blocks it placed bids on: block 4 and block 9.
Lebanon’s Second Offshore Licensing Round is scheduled to be launched imminently. It was officially approved in 17 May 2018 by Council of Ministers, after recommendation by the Lebanese Petroleum Administration. The round is to last one year.
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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.
A successful venture into Lebanon’s emerging Oil and Gas industry is dependent on acquiring an in-depth knowledge of Lebanese legal particularities from local, regional, and international perspectives. In response to this demand, we have set up a cross-practice team to best enable us to respond to the diverse needs of companies seeking to enter the market.