11 May, 2018
Bank Audi estimated that Lebanon will generate over $200 billion in net revenues from the promising offshore gas exploration, an income which would drastically reduce the public debt and stimulate the economy.   This estimation was part of Bank Audi’s fourth quarter report on Lebanon that covered the main economic activities for the entire 2017.   “Based on the current gas and oil prices and on the basis of Lebanon’s 96 trillion cubic feet of gas reserves and 865 million barrels of oil reserves, [...]
03 Jan, 2018
Lebanese placed further hope on Lebanon’s potential oil and gas wealth. On December 14 2017, Lebanon’s Cabinet approved the offers of a consortium of international oil companies to explore for natural gas in maritime blocks four and nine. France’s Total, Italy’s ENI and Russia’s Novatek will conduct extensive studies and surveys in 2018 and start actual exploration in 2019. Beirut's approval of a bid by a consortium of Russian, French and Italian energy companies will help the Lebanese economy overcome the present difficulties [...]
26 Dec, 2017
Last Thursday, Media flooded with the news of Lebanon’s cabinet approving the technical and financial terms for a bid for offshore energy exploration and production by the consortium of French Total, Russian Novatek and Italian Eni (actually, the only consortium submitting an offer) for blocks 4 and 9. After three idle years of wishful thinking, the first exploration and production licensing round relaunched in January this year. Lebanon expects the oil resource to procure contracts for local businesses, [...]
25 Dec, 2017
Once the Exploration and Production Agreement (EPA) is finalized between the government and the consortium for offshore exploration in blocks 4 and 9 of Lebanon's Exclusive Economic Zone, the country can expect to generate returns within three years of joining the hydrocarbon race in the Eastern Med. Last week, Lebanon’s Cabinet approved two bids by a global consortium of energy firms – comprised of France’s Total, Italy’s Eni and Russia’s Novatek – for offshore oil and gas exploration, capping off a [...]
19 Dec, 2017
The end of 2017 has brought significant updates to Lebanon’s Oil and Gas Sector same as it began, with the cabinet awarding Exploration and Production Licenses for two Offshore Blocks (Block 4 in the northern half of Lebanon’s maritime area, and Block 9 to the Southern borders with Israel) to a consortium made up of the French Giant TOTAL, the Italian Giant ENI, and Russia’s Novatek, and successfully fulfilling its roadmap approved in January 2017. A huge Step Indeed, [...]
17 Dec, 2017
BEIRUT (AP) — Lebanon will begin exploratory drilling for offshore oil and gas in 2019, Energy and Water Minister Cesar Abi Khalil said Friday, as the country hopes to find resources to shore up its indebted economy. “This is going to create a new sector in the economy,” said Abi Khalil. “And it is going to secure a local source for energy.” Lebanon’s economy is mired in debt and struggling to grow as the civil war in neighboring Syria stretches [...]
14 Dec, 2017
BEIRUT, Dec 14 (Reuters) - Lebanon's cabinet approved a bid on Thursday for offshore energy exploration by a consortium made up of France's Total, Italy's ENI and Russia's Novatek, in the country's first oil and gas offshore licensing round, a government source told Reuters.   "Congratulations to the Lebanese people on the passing of the oil decree and on Lebanon entering the club of oil countries," Oil Minister Cesar Abi Khalil said on Twitter in response to the decision.   Lebanon sits [...]
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Cogico SARL
  Oil & Gas, Fuel
  01 808150
Wardieh Holdings
  Oil & Gas, Fuel
  01 243476