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Licensing round: next steps
All eyes are now focused on the Petroleum Authoritys task of preparing the implementing decrees and model Exploration & Production Agreement needed to complete the framework set by the Offshore Petroleum Resources Law (132/2010). These decrees are needed to set the terms of Lebanese offshore E&P and enable the licensing round to attract quality industry players.
Implementing Decrees: the key implementing decrees requiring priority can be grouped into the following 4 categories:
Model EPA: the Petroleum Authority is also entrusted with the task of preparing the form of the model Exploration & Production Agreement which is based on a hybrid type of petroleum agreement.
The terms of the model EPA will be crucial to the success of the licensing rounds, and will form the basis for tender bid preparations by prospective E&P companies.
Seismic Surveys: the Lebanese Ministry of Energy is pressing ahead with undertaking seismic surveys of another 1000 sq kms of the Lebanese exclusive economic zone (EEZ) with the aim of having acquired 3D seismic for over 60% of the EEZ by the end of February 2013.
Lebanon International Oil & Gas Summit: with expectations running high ahead of the First Licensing Round, the Lebanon International Oil & Gas Summit in December 2012 (LIOG 2012) has attracted key industry players keen to follow the progress of Lebanons resource potential. Niazi Kabalan will be speaking at the LIOG 2012 conference and sharing his expertise on investment protection in the oil & gas sector.
If you would like further information on any issue raised in this update please contact:
George Booth, Partner
Further advice should be taken before relying on the contents of this summary.
Kabalan Law is a law firm registered as Etude Maitre Noureddine Kabalan with the Beirut Bar Association.