Lebanon approves offshore plan

Lebanon

BEIRUT, May 30, 2018 – Lebanon has approved an oil and gas exploration plan by Total, Eni and Novatek in a first for the country, international media reported on Tuesday.

The consortium between the French, Italian and Russian companies signed its PSAs for offshore blocks 4 and 9 in February. While part of Block 9 is in an area disputed by Israel, the companies will not drill there, Reuters reported.

The licence stipulates that exploration is to take place within three years, with the first well projected to be drilled there next year. Lebanon is also planning a second offshore bid round in late 2018 or early 2019, the report added.