The Lebanese government is set to continue the first round of oil and gas tenders and award the contracts to the winning companies based on transparent standards, said a report, citing a senior minister.
Minister of Energy and Water Cesar Abi Khalil was speaking at a workshop attended by international petroleum companies interested in taking part in the first bidding round, reported The Daily Star.
The last date for submitting the offers is March 31.
"Lebanon has adopted transparent criteria in order to outsource its marine blocks," stated Abi Khalil.
"The cabinet has announced its intention to join Extractive Industries Transparency Initiative to guarantee the transparency of the process," he added.
The EITI is a global standard that pushes for accountability in projects involving the extraction of natural resources.
The minister had announced in January that three partially disputed offshore blocks bordering Israel will be among the five initially up for bidding in Lebanon’s first oil and gas licensing round.
The assigned blocks are 1, 4, 8, 9 and 10, said the report.
A prequalification round started on February 2 and will continue until March 31. Companies will be able to submit their bids on the open blocks before September 15.
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