Lebanon is working to make its offshore oil and gas exploration rights more attractive to potential investors by extending the deadline for companies to submit their bids. The Ministry of Energy has announced that the new deadline will be March 17, 2025, instead of the previous date in July. This extension covers nine offshore blocks and was made to allow sufficient time to monitor accelerating regional and international developments and work on finding solutions to attract more companies.
The Lebanese Petroleum Administration stated that the decision to postpone the deadline was made in response to challenges faced by Lebanon in attracting companies to participate in previous licensing rounds. By extending the deadline, Lebanon aims to maximize the potential benefits of oil and gas exploration in its offshore fields.
The government is committed to facilitating the process and making it more attractive to potential investors. Oil and gas exploration rights in offshore fields are critical for Lebanon’s energy sector, and the government is working hard to ensure that they are exploited efficiently and sustainably. With this extension, Lebanon hopes to attract more companies and further develop its energy sector.