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Lebanon approves gas exploration terms
- Lebanon: Sunday, February 10 - 2013 at 04:59
Lebanon has approved the new conditions for international oil companies to bid for the highly anticipated offshore gas exploration, a move seen as crucial to place the country among the ranks of oil producing countries, The Daily Star has reported. More than 40 US, European and Asian oil firms have already bought the data from UK-based firm Spectrum, which conducted a 3-D survey of 3,000km off the Lebanese coast. A list of qualified explorers is expected to be issued by March 31, and they can place bids starting May 2 for six months, a cabinet spokesman said.
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