A Matter of Clarification

While Lebanon opened its first offshore oil and gas licensing round in May 2013, international companies have not yet been able to submit bids because cabinet has not approved two necessary decrees (one outlining the tender protocol and model exploration and production sharing agreement, and another delineating offshore blocks up for bid). In April 2014, shortly after Prime Minister Tammam Salam formed his government, cabinet appointed a ministerial committee to study the draft decrees before approving them. The committee finished its work in July and sent the draft decrees back to the Lebanese Petroleum Administration (LPA), an advisory body with regulatory powers which reports to the Ministry of Energy. In a written response to Executive’s questions for this report, the LPA says the updated drafts of the decrees have been submitted to the prime minister “along with a request to put them on the council of ministers’ agenda.” Executive sits down with Minister of Energy and Water Arthur Nazarian to discuss the decrees, state revenues from seismic data sales, transparency and whether or not Israel is stealing Lebanon’s gas.

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#Politics #Revenues #Israel #Exploitation