Lebanon’s caretaker Minister of Energy and Water Gebran Bassil says international oil companies (IOCs) have an additional month to submit their bids for rights to explore Lebanon’s offshore. The new deadline of 10 January 2014 follows an earlier month-long delay that saw the deadline pushed to 10 December (MEES, 4 October).

As Lebanon will likely fail to meet the conditions necessary to accept bids by 10 January, additional delays are expected. Lebanon’s cabinet must approve decrees governing fiscal terms and offshore blocks; however, the country has drifted along without a government since the March resignation of caretaker Prime Minister Najib Miqati. (CONTINUED - 313 WORDS)