Novatek, Eni and Total submit bids for 1st Lebanese license round

Russia´s Novatek, France’s Total and Italy’s Eni, acting as a consortium, have made the only bids in Lebanon’s 1st offshore licensing, the companies announced on October 16, 2017.

A consortium of 3 companies has applied for blocks 4 and 9 under Lebanon’s 1st offshore licensing round.

Block 4 lies on the shallower side of Lebanon’s offshore waters, and is thought to be highly prone to gas.

Block 9 is a southern block, thought to be prone to oil.

Lebanon relaunched the licensing round for 5 offshore blocks (1, 4, 8, 9 and 10) in January 2017 after a 3-year delay due to political problems.

51 companies were pre-qualified for the round.

The bids will now be evaluated and a report submitted to the Minister of Energy and Water by 13 November, following which Exploration and Production Agreement(s) will be signed.

The exploration phase will start upon the signature of the EPA and will last up to 5 years with the possibility of having a 1-year extension.