Lebanon plans a second offshore licensing round this year

In an interview given to Jennifer Gnana from The National, Dr Carole Nakhle, CEO of Crystol Energy, comments on the latest developments taking place in the Eastern Mediterranean following new discoveries and higher prices, which both set off a quest for exploring for more gas in the region.

“[Lebanon] managed to attract one consortium of oil majors. This reduces the risk perception for other investors who may now be more encouraged to bid,” Dr Nakhle said.

Lebanon is planning a second offshore licensing round this year. According to Dr Nakhle, this is unsurprising as oil prices surged to three-year highs and investors may now be more encouraged to bid after Lebanon managed to attract the consortium of the oil majors of Total, Eni and Russia’s Novatek, which helped to reduce the risk perception.

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