[Oil & Gas Updates]: First licensing round by end of 2012

The government announced on 07/11 the list of the Petroleum Administration’s board members. Energy Minister Gebran Bassil also declared at the end of the cabinet meeting that the government is committed to launching the first licensing round for hydrocarbon exploration by the end of this year. Exploration licenses will be awarded to groups of at least 3 contractors to avoid monopolies, in accordance with the Offshore Petroleum Resources Law, and for a period not exceeding 10 years.

The Petroleum Administration will prepare and supervise the licensing process and will assist the Energy minister in negotiating Exploration and Production agreements.

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