Abi Khalil is optimistic about companies’ interest in the country’s current offshore licensing round.
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The contested territorial waters between Lebanon and Israel will not deter major oil companies from exploring oil and gas in the blocks that were put up for bidding by the government, the head of the Lebanese Petroleum Administration said Tuesday.Chbat said that oil companies that prequalified for the first licensing round will assess the geological and political risks to decide whether to take part in the tender for oil and gas exploration off Lebanon's coast.Chbat said the LPA will assess applications submitted by oil companies and then it will send a report to the Cabinet, which will decide by Nov. 15 on the companies that will win the tenders, and the first contract will be awarded before the end of the year.Nawfal said that despite Lebanon's delay in starting offshore exploration compared to other neighboring countries, companies would still be interested in investing in the country's sector.The minister said that another advantage of the oil and gas sector in Lebanon is the governance system which was created by benefitting from the expertise of people who have long worked in the field.
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