Making the reward worth the risk

ENAR

Lebanon could be on the way to join the club of other Middle Eastern oil and gas producers, albeit on a smaller scale. Whether this ambition can be realized will largely depend on its ability to build successful and sustainable relationships between the government and the international oil industry. On February 15 the Lebanese government announced the pre-qualification process for companies that are interested in obtaining licenses for oil and gas exploration and production off the Lebanese coast. This process will last until the end of March and eligible companies will be notified by mid-April. Bidding is then expected to start in May and to continue for six months before the first exploration and production agreement can be signed in February 2014. While this encouraging development is the official start of Lebanon’s first-ever offshore licensing round, it thus marks the beginning of a new and potentially difficult experience. Interested oil