Lebanon’s bickering government will not address the two decrees needed to proceed with the country’s first ever bid round – delineating offshore blocks and outlining fiscal terms – until parliament elects a new president and a government is installed. This all but eliminates the possibility of moving forward this year.
Lebanon’s Energy Minister, Arthur Nazarian, said last month that the deadline for oil and gas companies to submit their bids would be pushed back yet again, with the moving target now set for 14 August. Ongoing political deadlock will stymie his plans, however. (CONTINUED - 1024 WORDS)