A consortium of Total, Eni, Novatek, who were awarded two blocks in Lebanon’s offshore, submitted two executed oil and gas production agreements to the country, the Lebanese Petroleum Administration (LPA) announced on Monday.
The consortium submitted two bids for blocks 4 and 9 offshore Lebanon in October last year. They also submitted guarantees for the execution of related petroleum activities along with the agreements, the LPA noted.
The maritime waters of Lebanon are divided into ten blocks, which will be open for bidding on a gradual basis, the LPA explained.
Lebanon's Minister of Energy and Water Cesar Abi Khalil declared on Jan. 26 last year that blocks 1, 4, 8, 9 and 10 will be open for bidding during the first offshore licensing round.
Under the exploration and production agreement, the consortium will explore for oil and gas during a five-year exploration phase, which can be extended up to 10 years with the approval of the Council of Ministers, according to the LPA.
If the consortium discovers oil or gas, it must produce during a twenty-five year production phase, which can be extended by five years, if additional investments are made.
(Anadolu Agency)
