Lebanon on December 14, 2017, approved a 1st bid from an international consortium including Russia’s Novatek, Italy’s ENI and France’s Total, to explore for oil and gas off the country’s Mediterranean coast.
Lebanon's information minister says the Cabinet has approved licenses for 3 international companies to carry out exploratory drilling off the Lebanese coast.
Exploratory drilling is expected to start at the beginning of 2019, Oil Minister Cesar Abi Khalil said in a statement.
The licenses will allow Italy's Eni, France's Total and Russia's Novatek that bid for 2 of Lebanon's 10 offshore blocks to determine whether oil and gas exist in the area.
The consortium submitted 2 bids for Block 4 off the coast just north of Beirut and Block 9 off the south Lebanese coast
Oil Minister tweeted «congratulations to Lebanon for the approval of the oil license and Lebanon's entering the oil countries club.»
Previously, Abi Khalil expressed optimism about the positive atmosphere around the debate in the Council of Ministers that finally paved the way for the exploration of so-called black gold.
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