Lebanon Bid Round Stuck In Neutral

Lebanon’s first offshore oil and gas bid round will eventually proceed, though the country’s deadlocked politics will force further delays – likely deep into 2015.

Lebanon’s Ministry of Energy and Water has postponed its flagship event of 2014, the Lebanon International Petroleum Exhibition and Conference, which was to be held on 21-22 October in Beirut. The ministry hoped to be able to highlight progress to oil executives and geologists who were set to visit; however, none has been made towards executing the bid round since the end of former President Michel Sulaiman’s term at the end of May.

Of course, the political obstacles that obstruct the bid round have roots far deeper than Lebanon’s current presidential vacuum. Still, the Petroleum Administration, the Energy Ministry, and the cabinet committee set up to study the two remaining oil and gas decrees all essentially pressed pause at the end of May; they will await an elusive resolution to political deadlock before attempting to revise or approve the decrees. (CONTINUED - 1139 WORDS)