The new Lebanese Cabinet approved two prerequisite decrees for the initiation and progression of the bidding for offshore exploration and production of hydrocarbons.*
The decrees approved the official delineation of blocks in Lebanon’s EEZ, the bidding conditions, and the model Exploration and Production Agreement (EPA).
The Cabinet additionally decided to form two ministerial committees to be led by the Prime Minister. The first for the study of the draft taxation law specific to petroleum activities, and the second to focus on a draft law specific to onshore petroleum activities.
The approval of these decrees are a positive development for the future of Lebanon’s emerging oil & gas sector.**
* For background on this topic, please see our posts from 8 April 2014, 8 January 2014, 5 October 2013, 4 September 2013 and 2 May 2013
** For further legal updates, please contact our Oil & Gas team at email@example.com