Lebanon Shortlists 46 Operator, Non-Operator Companies to Tackle Offshore Oil

Caretaker Energy Minister Jebran Bassil announced on Thursday that 46 international companies have been shortlisted to tackle the country's offshore oil and gas wealth.

He said that the 12 operator and 34 non-operator companies will be narrowed down and the remaining companies will be granted the proper license to extract the offshore wealth.

He stressed the process of selecting the companies and the measures that will follow have adhered to international principles.

Bassil added that the lack of a government in Lebanon will not hinder any progress in efforts to exploit the offshore oil and gas wealth.

Lebanon has been slow to tackle its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus and Turkey are all much more advanced in drilling for oil and gas.

The government has warned that Lebanon will not give up its maritime rights and accuses Israel of violating its waters, territory and air space.

The formation of the Petroleum Authority in November was the first major step in future oil exploration since parliament passed a law in 2011 setting the country's maritime boundary and Exclusive Economic Zone.

The country will witness the first oil exploration process in 2015 and it will take a year to enter the production stage.