As Lebanon seeks to re-engage internationally and attract much needed foreign investment, its new government is optimistically turning to its upstream sector as a potential solution. Normalizing its maritime borders is a pre-requisite for potential foreign investors, and on 23 October President Joseph Aoun’s cabinet took two key decisions that could pave the way for some offshore activity in the coming years.
The first decision was to award Block 8 to a consortium led by French major TotalEnergies (MEES, 24 October). The second was to belatedly ratify the maritime border with Cyprus, 18 years after Beirut and Nicosia had initially agreed terms in 2007 (MEES, 22 January 2007). (CONTINUED - 778 WORDS)
