According to the Ministry of Energy of Lebanon, several foreign companies such as BB Energy, Total, Eni, Novatek, Lukoil and Gazprom have expressed interest in participating in the second licensing round for offshore oil and gas exploration. The Lebanese government announced the second licensing round in April 2019 and set the deadline to submit offers to January 2020. It would include five offshore blocks, four of which are located along disputed maritime borders. Indeed, blocks 8 and 10 both include waters also claimed by Israel, while blocks 1 and 2 include waters claimed by Syria.
In order to improve the regulatory framework and attract investors, the government is also preparing to sign an agreement with Cyprus in September 2019, in order to divide oil and gas resources located on the border with Cyprus.
In February 2018, contracts were signed with a Total-led consortium (Total 40%, Eni 40%, Novatek 20%) for Blocks 4 and 9 located offshore Lebanon, in the eastern part of the Mediterranean Sea. Lebanon is estimated to hold at least 2,700 bcm of gas and 750 mbl of oil in its territorial waters and is looking forward to developing a domestic oil and gas industry in the wake of the recent moves in Cyprus, Egypt and Israel.
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