A JOURNEY OF A THOUSAND MILES LEBANON’S HYDROCARBON MARATHON BEGINS

Öz

It is generally known in the industry that the Probability of Success (POS) of hitting a discovery from the first exploration well is less than 30%. Given this context, the exploration well marked a significant milestone that reiterates Lebanon’s commitment to develop its prospective offshore petroleum sector for the benefit of current and future generations, keeping in mind that the oil and gas sector is associated with risks and uncertainties. Persistent efforts will continue to achieve the long-term vision of the sector. In addition to the scheduled second well to be drilled in block 9 in the fourth quarter of 2023, the Lebanese government approved the launch of the Second Offshore Licensing Round due to close on the 30th of June 2023 . All remaining 8 blocks are up for grab with a total open acreage of 15,000 Km2 . The Ministry of Energy and Water and the Lebanese Petroleum Administration are working on the marketing of this round and are communicating with companies that expressed interest in taking part in it, including answering questions and providing clarifications about the procedure with which to submit applications. A recently approved decree allows companies to securely submit online applications for the Second Offshore Licensing Round.