Lebanon is on target with its first licensing round to offer foreign companies deals to develop its underexplored oil and gas sector, the head of the country’s key entity tasked with attracting investments in the energy sector, has said.
Foreign players still have a big appetite for investing in Lebanon and developing its natural reserves, Wissam Chbat, chairman of the board of the Lebanese Petroleum Administration (LPA) has said.
Lebanon launched the roadmap to its first oil and gas licensing round in January 2017. Lebanese Minister of Energy and Water, Cesar Abi Khalil, officially announced at the time that the Levantine country had opened five offshore blocks for bidding in its first licensing round.
The roadmap to the first licensing round will start with a second pre-qualification round for both operators and non-operators interested in exploration and production contracts. Pre-qualified companies will be required to submit their bids by September 15th, and the signature of the EPAs will start in November.
Chbat, who was ranked among the top MENA oil and gas industry professionals in Oil & Gas Middle East’s recently published annual Power 50 list, has provided details of the progress that has been achieved by his administration, along with the government’s efforts to structure and develop the nascent oil and gas industry, in an exclusive interview.
Chbat has offered the interview ahead of the Lebanon International Oil and Gas Summit (LIOG-2017), due to happen in Beirut on May 9thand 10th– an event that the LPA is banking on to showcase and promote opportunities in Lebanon’s upstream segment and to attract investments from foreign players.
Transcripts of the interview, conducted by the event’s organisers and published on the official website of LIOG-2017, as received by arabianoilandgas.com, is as follows:
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