The Lebanese authorities expect the upcoming offshore gas exploration programme to start by the end of 2019 and to take up to 3-4 years to complete. In February 2018, contracts were signed with a Total-led consortium (Total 40%, Eni 40%, Novatek 20%) covering Blocks 4 and 9 located offshore Lebanon, in the eastern part of the Mediterranean Sea. The programme was approved by the government in May 2018 and the Lebanese Petroleum Administration (LPA) may prepare a second round in the future, although no timeline has been set up so far.
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. Three of the five blocks included in the licensing round (1, 4, 8, 9 and 10) are located near Israeli maritime borders, where large gas fields have been discovered since 2009.
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