Middle East

Lebanon’s offshore assets hold interest despite instability

Cairo: Lebanon’s first offshore bidding round has generated significant interest from oil companies, and while ongoing political instability has led to its third postponement, this time until April 10, 2014, any resultant fall in interest is unlikely to make the round a failure, says a new report from research and consulting firm GlobalData.

The company’s latest report states that the bidding in Lebanon’s first offshore round is still expected to be reasonably competitive, thanks to the perceived hydrocarbon potential in the region’s waters. Indeed, 46 international companies, including ExxonMobil, Chevron, Royal Dutch Shell and Total, have pre-qualified in the round, which originally opened from May 2, 2013 until November 4 of the same year.  [21/01/14]

Back to top button