The Lebanese government has made the decision to extend the deadline for companies to submit their bids to obtain oil and gas exploration rights in offshore fields within the third licensing round. The new deadline will be March 17, 2025, instead of the previous date in July. This extension covers nine offshore blocks, and the first deadline for submitting bids was in January.
The Ministry of Energy stated that the decision to postpone the deadline was made to allow sufficient time to monitor accelerating regional and international developments and work on finding solutions to attract more companies. Lebanon has faced challenges in attracting companies to participate in previous licensing rounds, leading to the extension of deadlines.
Lebanon’s oil and gas exploration rights in offshore fields are critical for its energy sector, and the government is working hard to facilitate the process and make it more attractive to potential investors. By extending the deadline and addressing industry challenges, Lebanon aims to maximize the potential benefits of oil and gas exploration in its offshore fields.