The chances of Lebanon signing offshore exploration and production sharing contracts with oil and gas companies in 2015 are slim, but that does not mean that all work in developing the emerging sector will grind to a halt. New legislation is in the works on tax rates for oil and gas companies as well as onshore exploration and production, and the Lebanese Petroleum Administration (LPA) — a body with some regulatory powers that makes policy recommendations for the sector — seems determined to do as much work as it can despite the fact that decisionmakers are in no rush to pass the two decrees necessary to close the licensing round. [pullquote]The reality is that companies still cannot actually submit bids as the offshore blocks have not been officially delineated, nor have model exploration and production sharing agreements been approved[/pullquote] Momentum was building in early 2013, and it seemed like Lebanon
Matt was Executive's Economics & Policy Editor and Real Estate Editor from May 2014 to November 2017. He began reporting in Lebanon in April 2007, and his coverage focused on oil and gas, public policy and human rights.
