Lebanon Allows 46 Firms to Bid for Gas Licenses

Lebanon has allowed 46 domestic and foreign companies to bid for offshore gas licenses, caretaker Energy Minister GebranBassil announced Thursday. The compnies are expected to begin filing bids by May 2.

Bassil has said that contracts with the companies should be signed in February 2014, The Daily Star reported.

Estimates point that offshore gas reserves in Lebanon could be more than 25 trillion cubic feet, greater than the gas discovery in Cyprus and Syria combined.

Commenting on the issue of Lebanon's dispute over its maritime borders with Israel, Bassil said "Israel is drilling in a location far from the Lebanon’s Exclusive Economic Zone, and their operations don’t affect us." Lebanon and Israel lay claim to nearly 850 square kilometers which is said to be rich in oil and gas.