- Five offshore blocks in process of being awarded in Lebanon in Oil and Gas sector
– Submission of bids on October 12, 2017, evaluation of bids and signature of EPAs to follow soon
October 16, 2017 – The Lebanese Petroleum Business Network (LPBN) launched in Beirut on October 16, 2017, at the Lebanese Small and Medium Enterprises Conference (LSMEC 2017). Following the discovery of several gas fields in the Levant Basin in 2009, and the opening for tenders from potential service providers, plans to extract the gas reserves are currently underway.
In order to create a thriving exchange of information and expertise in the Oil and Gas industry, the Lebanese Petroleum Business Network was founded, as the sole network of its kind to be launched in Lebanon. Its ultimate aim is to contribute towards building the national economy in Lebanon, through the development of the national Oil and Gas industry.
President and CEO of Lebanese Petroleum Business Network, Dr. Elie Daher, shared with attendees at the conference, the aims and mission of the Network, primarily focused on promoting the interests of Oil and Gas service providers, to assist them in sharing their expertise and promoting their value-add in the Lebanese market.
“Through the founding of the network, we seek to bring together industry experts, specialized professionals and interested service providers to the Oil and Gas sector, to provide them with a platform to promote their products and competencies,” explained Dr. Daher. “In addition, we will group together professional and technical talents in the industry, and will positively engage with stakeholders to advance the sector and increase investments in Oil and Gas industry,” he added.
Commenting on the developments currently underway, Chairman of the Lebanese Petroleum Business Network, Bachir Boustani, “We believe there is a great potential in the Oil and Gas sector, and all parties involved should be properly regulated, in order to positively augment the Lebanese economy.”
Developments in the Oil and Gas sector have been underway since the discovery of the Gas Basins, such as those in the Leviathan and Tamar Fields, in 2009. Currently, there are five offshore blocks in the process of being awarded, with the deadline of submission of applications set for October 12, 2017. In addition, over 50 companies have qualified to bid in the 2017 offshore round. The latest news from the Oil and Gas sector was the issuance of a new tax law, allowing the country to move towards the first offshore licensing round.
This week, the Lebanese Petroleum Business Network finalized a strategic partnership with The Malaysian Oil & Gas Services Council (MOGSC), which will foster the collaboration between Lebanese and Malaysian companies in the Oil and Gas industry. In addition, this strategic partnership will pave the way for future events to exchange technology and knowledge, promoting sectors of common interest and the potential establishment of joint ventures between the two organizations and their members.
The Lebanese Petroleum Business Network is open for membership applications for both local and international companies, whether specialists in the Oil and Gas industry, support companies, service providers for drilling sites or individuals who are knowledgeable and interested in being part of the industry, offering each a multitude of benefits. Benefits include access to thought-leadership, latest news and updates, event participation, talent sourcing and the exchange of knowledge in the Oil and Gas industry.
The Eastern Mediterranean region is witnessing rapid developments in the realm of gas basin discoveries since 2009. The results of seismic surveys have indicated the possibility of significant oil resources situated off the Lebanese coast. This has prompted the first licensing round for exploration and building of marine blocks off the Lebanese coast. The Lebanese government has also extended its efforts to establish regulatory and operational frameworks for the development of the Oil and Gas sector.
For more information and membership inquiries, please visit www.lpbnet.org.